Why Lucid Is Dropping More Than 5% Today

Luxury electric vehicle (EV) maker Lucid Group (NASDAQ: LCID) provided investors with some positive news this week, but the stock is still closing out the week on a down note. Most of this week's approximately 7% drop in the stock is coming today. As of 1:26 p.m. ET, Lucid shares were down 5.8%.

On Wednesday, Lucid reported that it produced 2,282 of its Air sedans in the third quarter, more than tripling its production from the previous quarter. The stock jumped on that news, since it provided some confidence that Lucid seems to have found its production legs and should hit its latest 2022 production target. But economic news from subsequent days spooked investors in riskier assets, especially early-stage companies like Lucid. 

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Source Fool.com