Shares of Lucid Group Inc. (LCID) hit an all-time low of $2.90 after dropping almost 10%, despite recently raising $1.5 billion from the Saudi Public Investment Fund and preparing to launch the Lucid Gravity SUV.
Lucid reported a significant loss of $643 million on revenue of $200 million in the last quarter, selling only 2,374 vehicles, raising doubts about its ability to increase sales to profitable levels.
Many of Lucid's sedans are priced around $75,000, much higher than the average price of new combustion-engine vehicles in the U.S. at about $45,000, posing a challenge in a market where consumers prefer lower-priced EVs.
Lucid faces intense competition in the U.S. EV market, with major car companies like Tesla holding significant market share. Public concerns about factors like battery range, charging infrastructure, prices, and competition contribute to the stock's decline.
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