Lucid Group Inc. stock has plummeted to $2.18, a 28% drop, while the S&P 500 has risen by 8%. The company's market cap has decreased by almost 80% over five years to $6.7 billion. The decline is attributed to challenges in the U.S. electric vehicle sector, including a 6.3% drop in EV sales. Lucid lowered its production forecast for the year to 18,000-20,000 vehicles, resulting in an adjusted loss of $0.24 per share and revenues of $259 million. The company faces fierce competition from established automakers like Tesla and GM.
Lucid Group Inc. stock has sharply declined to $2.18, marking a drop of 28%, while the S&P 500 has increased by 8%. Over five years, its market cap has plummeted nearly 80% to $6.7 billion, reflecting the struggles of small companies in the challenging U.S. electric vehicle sector, which has seen EV sales decrease by 6.3% this quarter.
The company's outlook has dimmed significantly after it revised its production forecast for the year down to 18,000 to 20,000 vehicles, undermining investor confidence. Lucid reported a wider quarterly loss with revenues falling short of expectations, which further highlights its precarious position against larger competitors who are heavily investing in the EV market.
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