Why Lucid Stock Dropped This Morning
Shares of luxury electric car-maker Lucid Group (NASDAQ: LCID) shorted out Wednesday morning, falling more than 5% in response to news reports that six of the company's top executives have either been fired, or departed Lucid for greener pastures on their own.
By afternoon, the stock had recovered somewhat, but remains down 0.8% as of 12:45 p.m. ET.
According to Business Insider, the departures include two company vice presidents (of global manufacturing and of programs), two "heads" (of Arizona operations and of new product introduction), one senior manager of logistics engineering, and one director of "operational excellence." Business Insider further reports that the executives were "high level" and were all tied to company efforts to improve production at its Casa Grande, Arizona plant -- which churned out only 1,405 electric cars in H1, and is aiming to produce between 6,000 and 7,000 units through the end of this year.
Source Fool.com