Why Lucid Stock Crashed Today
Shares of Lucid Group (NASDAQ: LCID) fell 17% on Wednesday after the electric-vehicle (EV) company reported a downturn in reservations and a need to raise more funds from investors.
Lucid produced 2,282 vehicles and delivered 1,398 in the third quarter. Those figures were up more than threefold and twofold, respectively, compared to the prior-year quarter.
The EV-maker said it was on track to hit its annual production target of 6,000 to 7,000 vehicles in 2022. "I'm also pleased to announce that we've now proven our ability to produce 300 cars a week, with a visible pathway to our next incremental ramp up," CEO Peter Rawlinson said in a press release.
Source Fool.com
