Lucid Group, Inc. (LCID) is experiencing a decline in its stock price today, which may be attributed to the broader challenges facing the electric vehicle (EV) market. Despite recent positive news about increased vehicle production and deliveries in 2024, Lucid continues to navigate a highly competitive landscape. The company reported a significant financial loss of $992 million in Q3 2024, and its high-end models, such as the Gravity SUV, are priced beyond the reach of many potential buyers. This financial strain, coupled with the need to significantly boost vehicle sales to cover costs, is likely contributing to investor concerns.
On Reddit, discussions about Lucid's new Gravity SUV reveal mixed sentiments. Some users are enthusiastic about the vehicle's potential, noting the price advantage over competitors like the Cadillac Escalade. However, others express skepticism, questioning the vehicle's design and market positioning. One user commented, "Good god on the price difference: Gravity: 79k and 97k, Escalade; 129k and 150k. Gravity all the way." This reflects the ongoing debate among retail investors about Lucid's ability to capture market share in the luxury EV segment.
Lucid's stock is currently trading at $2.90, down 3.97% from the previous close of $3.02. The stock opened at $3.00 and has fluctuated between a high of $3.03 and a low of $2.89 so far today. Despite being just 30 minutes into the trading day, the stock has seen a volume of 10,896,740 shares, which is 12.94% of its average daily volume of 84,206,796 shares, indicating moderate trading activity this morning.