Lucid Group Inc is an innovative automotive company that specializes in the design, manufacturing, and marketing of electric vehicles (EVs). With a focus on luxury and sustainability, Lucid aims to revolutionize the EV market by offering high-performance vehicles that combine cutting-edge technology, elegant design, and an emphasis on energy efficiency. The company's flagship model, the Lucid Air, showcases advanced features such as impressive range capabilities, fast charging, and a spacious, high-tech interior, positioning Lucid as a significant player in the growing electric vehicle industry. Additionally, Lucid Group is committed to expanding its production capabilities and enhancing the EV ecosystem, contributing to a more sustainable future in transportation. Read More
Shares of luxury electric car manufacturer Lucid (NASDAQ:LCID) fell 3.5% in the afternoon session after investor sentiment remains negative following the company's recent 1-for-10 reverse stock split. The decline extends from the previous trading day, when the stock hit an all-time low after the split took effect. A reverse stock split consolidates the number of existing shares to increase the per-share price, a move traders sometimes view as a sign of weakness. Broader industry headwinds also loom, as reports suggest the potential end of federal EV tax credits later in September could negatively impact sales across the sector.
A number of stocks fell in the afternoon session after the major indices continued to retreat (Nasdaq -1.5%, S&P 500 -1.2%) amid profit-taking and renewed concerns about tariffs.
Shares of luxury electric car manufacturer Lucid (NASDAQ:LCID) fell 4.3% in the afternoon session after the company prepared to execute a reverse stock split and an analyst lowered the stock's price target.
Electric vehicles have faced a lot of challenges in the United States, especially with President Donald Trump openly opposing them . Trump has been clear about his dislike for EVs, working to remove incentives that encourage people to buy them.
Company-specific catalysts, including earnings news and changes in index constituents, led to heightened activity in some stocks in Wednesday’s after-hours session.
Rivian and Lucid are facing an uphill battle as the EV industry comes under pressure from rising costs and receding government incentives. But Rivian could come out ahead of Lucid if it stays the course.
