Lucid Stock Slumped by 38% in 2023. Is it a Buy in 2024?
Although we're only a few weeks into the new year, for Lucid (NASDAQ: LCID), it's already shaping up to be a continuation from 2023. That was a rough year for the young electric vehicle (EV) maker, and its stock ended down 38%, according to data provided by S&P Global Market Intelligence.
Lucid kicked off 2023 by posting disappointing first-quarter results -- in particular, a net loss of $780 million -- and offering a full-year production forecast update that emphasized the lower end of its original 10,000 to 14,000 vehicle range, and was far below analysts' consensus estimate of 21,815 vehicles.
Early 2023 also brought investors other negative developments, such as the news that preorders for the Lucid Air sedan had fallen to roughly 28,000 from 34,000, and that the company was slashing its workforce by roughly 18% amid a cash crunch.
Source Fool.com
