Lucid Group (NASDAQ: LCID) has disappointed a lot of investors since its public debut. The luxury electric vehicle (EV) maker went public by merging with a special purpose acquisition company (SPAC), and it started trading at $25.24 on July 29, 2021.

But today, Lucid trades at about $5 a share. The bulls rushed for the exits as it slashed its production targets, recalled some of its vehicles, and racked up steep losses. It initially claimed it could produce 20,000 vehicles in 2022 and 49,000 vehicles in 2023, but it only produced 7,180 vehicles in 2022 and aims to produce just 10,000 vehicles in 2023.

Image source: Lucid Group.

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Source Fool.com