Why Lucid Stock Sank 22% in February and Is Falling Further
After jumping a staggering 71% in January, Lucid Group (NASDAQ: LCID) stock cooled down last month and shed 21.9% of its value, according to data provided by S&P Global Market Intelligence. The stock is already down another 9% so far in March, as of this writing.
If a rebound in growth stocks and rumors of a buyout sent Lucid stock skyrocketing earlier in the year, a dismal fourth quarter and a woeful outlook for 2023 followed by a barrage of analyst downgrades wiped out investor interest in the electric vehicle (EV) stock in February.
Lucid generated $608.2 million in revenue in 2022. That's not too shabby considering that 2022 was also Lucid's first full production year, but the EV maker could have churned out a much bigger number had it produced 20,000 cars in the year as it originally projected. Lucid eventually produced only 7,180 vehicles in 2022.
Source Fool.com
