Where Will Lucid Group Stock Be in 1 Year?
The luxury electric sedan maker Lucid (NASDAQ: LCID) went public by merging with a special purpose acquisition company (SPAC) in July 2021. Its stock opened at $25.24 on the first day of trading and more than doubled to an all-time high of $55.52 four months later. The bulls initially embraced Lucid because it was led by Tesla's (NASDAQ: TSLA) former chief vehicle engineer Peter Rawlinson and aimed to produce 20,000 vehicles in 2022 and 49,000 vehicles in 2023.
Unfortunately, Lucid only produced 7,180 vehicles in 2022, and it expects to produce 8,000-8,500 vehicles in 2023. It also issued several recalls, delayed its long-awaited Gravity SUV, and slashed its prices. All of those setbacks caused Lucid's stock to plummet to about $4 a share. Can Lucid's stock recover from that disastrous decline over the next 12 months?
Image source: Lucid Group.
Source Fool.com
