Why Lucid Stock Lost 33% in December
Shares of Lucid Group (NASDAQ: LCID) were falling last month in response to a broader sell-off in electric vehicle (EV) stocks, largely due to challenges with Tesla (NASDAQ: TSLA), both with the underlying business and Tesla CEO Elon Musk's foray as the new CEO of Twitter.
Though there was little company-specific news out on Lucid during the month, concern about bloated valuations in the electric vehicle sector pushed the stock lower, and it finished the month down 33%, according to data from S&P Global Market Intelligence.
As you can see from the chart below, the stock fell steadily over the course of the month alongside peers like Tesla and Rivian Automotive.
Source Fool.com
