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Why Lucid Stock Plunged Today

TheMotleyFool

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Why Lucid Stock Plunged Today: https://g.foolcdn.com/editorial/images/717162/lucid_air_in_showroom.png

Luxury electric car maker Lucid Group (NASDAQ: LCID) stock is plunging Thursday. After starting the new year with a gain of as much as 20%, Lucid shares were lower by 8.5% as of 12:30 p.m. ET today.

It wasn't news from a financial update that moved the stock today -- that comes on Feb. 22 when the company reports its 2022 fourth-quarter results. Rather, it is news from a competitor that has investors anticipating trouble when Lucid does update investors next month. The latest price cut announcement from electric vehicle (EV) leader Tesla has sent stocks of other EV makers reeling. And a Barron's report today on that fallout may have just kept the downward momentum going in names like Lucid.

Source Fool.com

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