Why Lucid Stock Is Dropping Ahead of Earnings
Luxury electric vehicle (EV) maker Lucid Group (NASDAQ: LCID) reports first-quarter earnings after the market close today, but investors aren't waiting for that to sell the stock. Amid a general market sell-off Thursday, Lucid shares are near the day's low, down 8.1%, as of 12:50 p.m. ET.
The first quarter was full of headwinds for many companies, and that's particularly difficult for early-stage manufacturers like Lucid. Rising raw material costs, supply chain delays, and inflation affecting consumers all make ramping up the business more difficult. Investors will watch what Lucid has to say today about production, vehicle reservations, and its recent deal with the government of Saudi Arabia for up to 100,000 EVs.
Source Fool.com
