Why Lucid Shares Sank Today
Shares of Lucid Group (NASDAQ: LCID) dropped nearly 6% Monday morning even as the electric vehicle (EV) start-up gave investors more insight into its growth plans. As of 3:45 p.m. ET today, the stock was still 4.2% below Friday's closing price.
Today, Lucid announced the opening of its first Middle East showroom, in Riyadh, Saudi Arabia. That isn't what has the stock sinking, though. In fact, investors should be happy to hear that it continues to move forward with its global expansion plans. The stock dropped, however, in reaction to renewed fears that economic slowdowns around the world could hamper demand in the EV market.
Source Fool.com
