Why Lucid Group Stock Tumbled This Week
Shares of Lucid Group (NASDAQ: LCID) tumbled this week and were trading 11.5% lower through 11:20 a.m. ET Friday, according to data provided by S&P Global Market Intelligence. With this week's drop, the electric vehicle (EV) stock has now lost more than a quarter of its value since Aug. 1.
There have been no updates from Lucid in recent days, but something's brewing in a particular international market that's making investors in the EV maker jittery.
Earlier this week, several media outlets from South Korea reported that the automotive giant Hyundai Motor is all set to build an EV assembly plant in Saudi Arabia to tap the growing opportunities in the country. Hyundai already signed a memorandum of understanding with Saudi Arabia earlier this year, and is now expected to finalize a deal as early as next month to set up the plant to mark its foray into EV production in the Middle East.
Source Fool.com
