Lucid Group Inc., plagued by being a minor player in a slowing EV market, has seen its stock fall dramatically, reflecting its ongoing struggles amid rising competition.
The company's delivery numbers are dismal, with just 2,394 vehicles in Q2 and a forecast of 9,000 for the year, leading to severe financial losses.
Despite receiving $1.5 billion from Saudi Arabia's Public Investment Fund, Lucid’s high-priced vehicles and lackluster performance make their future uncertain in the competitive EV landscape.
With revenues of merely $200 million and a staggering loss of $643 million, Lucid Group continues to grapple with significant operational challenges while the broader market improves.
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