Why Lucid Stock Tumbled on Friday

With electric vehicle (EV) stocks getting hammered on Friday, Lucid Group (NASDAQ: LCID) couldn't escape the market's wrath either -- shares of the EV start-up were trading down 5.8% as of 1:30 p.m. ET.

Lucid announced some growth plans, but the market was paying greater attention to a rival's just-released earnings report and some of the things it said.

Earlier in March, Lucid announced it'll produce only 12,000 to 14,000 cars in 2022 versus its previous projection of 20,000 units, given the supply chain and logistics challenges. Today, at least two automakers confirmed that the supply concerns aren't going away anytime soon.

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Source Fool.com