Why Lucid Stock Hit an All-Time Low Today
Shares of Lucid Group (NASDAQ: LCID) are dropping again today as investors digested what the company's production and delivery update from yesterday means going forward. Shares of the luxury electric vehicle (EV) maker dropped more than 5% yesterday, and that decline is accelerating today.
As of 12:05 p.m. ET, shares had bounced slightly off an all-time low but still traded down by 7.8%. That's likely because investors have had time to read between the lines in yesterday's update.
Lucid said it produced 1,550 EVs during the third quarter and delivered 1,457 of its luxury Air sedans. It also added that it had "over 700 additional vehicles in transit to Saudi Arabia for final assembly." Last year, the company announced that it had an agreement for the government of Saudi Arabia to purchase up to 100,000 Lucid EVs over a 10-year period.
Source Fool.com
