Why Lucid Group Stock Is Plummeting Today

Shares of Lucid Group (NASDAQ: LCID) are falling on Wednesday. The luxury electric vehicle (EV) maker's stock had dropped 9.3% as of 3:04 p.m. ET. The fall comes as the S 500 and Nasdaq Composite were up by 0.7% and 1.1%, respectively.

The stock is seeing a retreat after the company released its latest earnings report, underwhelming investors.

The company's quarterly report revealed soft sales of its new Gravity SUV, a critical product for Lucid's turnaround efforts. The less-than-hoped-for SUV sales meant the company missed Wall Street's targets on its top and bottom lines. Lucid reported a loss of $0.24 per share on $259 million in sales when a loss of $0.21 per share on $280 million was expected.

Source Fool.com