Why Lucid Shares Sank Again Today
Investors in electric vehicle (EV) start-up Lucid Group (NASDAQ: LCID) have to be feeling anxious lately. The stock has dropped more than 10% over the last week, and 35% in the past month. That downtrend is continuing to start this week. Lucid shares plunged nearly 5% at the start of trading Monday, and remained down 3.1% as of 10:45 a.m. ET.
Today's drop comes as the company seems to be struggling to hold on to its potential customers while the industry backdrop also looks uncertain. Reports surfaced last week that Lucid has been reaching out to consumers that canceled reservations and offered discounts to try to revive interest in its luxury EV offerings.
Lucid's Air Grand Touring model currently starts at a price of $154,000. The company was reportedly also offering employees a discount of $18,000 to take delivery before the year ends. Investors may also be reacting to comments from Tesla CEO Elon Musk taking a swipe at his competitor on social media late last week saying, "They are not long for this world."
Source Fool.com
