Lucid's financial struggles are evident as it delivered only 2,781 vehicles in Q3 with a staggering loss of $992 million against revenues of just $200 million.
Lucid's high-priced models start at $80,000, making it difficult to compete in a market where others are reducing prices to attract consumers.
Consumer Reports has indicated poor reliability scores for Lucid vehicles, which could deter potential buyers in a competitive EV market dominated by well-funded brands.
With the competition in the EV sector intensifying and legacy automakers like BMW and Mercedes having significant capital reserves, Lucid’s stock may not recover anytime soon.
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