Why Lucid Stock Plunged Today
Lucid Group (NASDAQ: LCID) recently launched its new fully electric SUV, and now has told investors it plans to produce more than twice as many electric vehicles (EVs) in 2025 as it did in 2024. It also beat expectations on both the top and bottom lines in the fourth-quarter report it delivered after the close of trading Tuesday.
Yet despite all that seemingly good news, the stock was tanking Wednesday, down by 11.9% as of 12:55 p.m. ET.
The luxury EV maker reported a fourth-quarter loss of $0.22 per share on sales of $234.5 million. Wall Street was looking for revenue of just $214 million and a $0.25 per share loss. But word that CEO Peter Rawlinson is stepping down may have rattled investors.
Source Fool.com
