Shares of Lucid Motors have dropped 24% within a week, trading just above $2 amidst negative predictions from analysts. Redburn-Atlantic downgraded the company, citing concerns over competition matching its technological edge and insufficient production scales. Despite reporting an increase in revenue for 2024, Lucid faces challenges with the production of only 3,099 vehicles in the previous quarter, raising doubts about its growth strategy. The unexpected termination of CEO Peter Rawlinson further exacerbates investor wariness as the board seeks a new permanent leader.
Investment bank Redburn-Atlantic has downgraded Lucid Motors due to concerns about technology competition and production scalability, setting a dire price target of $1.13.
Lucid's production remains low, with only 3,099 vehicles produced in the fourth quarter of last year, raising doubts about the company's growth predictions.
Despite an increase in revenue from $595 million to $807 million, Lucid reported a net loss of $2.7 billion, highlighting ongoing financial struggles.
The sudden dismissal of CEO Peter Rawlinson, replaced temporarily by COO Marc Winterhoff, adds to investor uncertainty amid Lucid's ongoing challenges.
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