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Why Lucid Group Stock Sank Today

TheMotleyFool

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Why Lucid Group Stock Sank TodayPhoto, wide shot, wide-angle lens, Automotive service center, Midday, harsh overhead sunlight, directional sunlightt, photo by Ansel Adams: https://img.midjourneyapi.xyz/temp/c8dbaa5e-abdb-40ac-b919-ed80785b056a.png

Lucid Group (NASDAQ: LCID) had a hard fall this morning, with the electric vehicle (EV) stock tumbling 6.9% at its lowest point in trading Thursday. Lucid shares regained some ground as the day progressed but still traded 4.5% lower as of 2 p.m. ET.

Lucid is touted to be one of Tesla's (NASDAQ: TSLA) biggest emerging competitors, but the latter may have just reminded Lucid investors what a tough fight it'll be for the EV start-up.

Lucid recently slashed its production estimate for 2022 by a whopping 40% citing supply chain constraints. That, and other numbers Lucid reported, has put the EV stock under a lot of pressure so far this month.

Source Fool.com

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