Why Lucid Stock Fell This Week
Despite heading higher today, Lucid Group (NASDAQ: LCID) stock looks set to end the week in negative territory. Through noon ET on Friday, shares of the electric vehicle (EV) manufacturer were down 8% for the week, according to data provided by S&P Global Market Intelligence.
Lucid has proposed a share sale that even attracted an analyst downgrade; but worst yet, Lucid's reservation backlog fell in the last quarter. That's not what investors want to see in a young EV start-up that was touted to give Tesla a run for its money.
In the third quarter, Lucid produced a record number of vehicles, or 2,282 units, and delivered 1,398 units. Its production was up more than threefold sequentially, and the company generated $195.5 million in revenue during the quarter.
Source Fool.com
