Lucid Group, Inc. is experiencing a decline in its stock price today, which may be attributed to the recent announcement of a new Chief Financial Officer, Taoufiq Boussaid. The appointment, effective February 25th, has sparked discussions among investors, with some expressing skepticism about the company's strategic direction and financial management. On Reddit, users have voiced concerns about Lucid's marketing strategy and its reliance on Saudi Arabia's financial backing, with one user commenting, "This company is tiptoeing around like it’s afraid to make a move, yet still has the audacity to call its EV the 'best damn car'." Another user highlighted the irony of the new CFO's compensation package, stating, "$4m sign on bonus, $500k+ salary, and $2m in stock. Ironic from a financial standpoint."
Additionally, the stock's performance may be influenced by broader market sentiment and competition in the electric vehicle sector. Some Reddit users are debating the merits of Lucid's vehicles compared to Tesla's, particularly in terms of self-driving capabilities. One user noted, "Tesla is solving a problem I do not have while lacking on things I care about," reflecting a preference for Lucid's offerings despite Tesla's advancements in autonomous driving technology.
Lucid's stock is currently trading at $2.67, down 3.43% from the previous close of $2.77. The stock opened at $2.76 and has reached a low of $2.67 today. Despite being just 30 minutes into the trading day, the stock has already seen a volume of 7,443,879 shares, which is 8.48% of its average daily volume of 87,782,400 shares, indicating a relatively low trading activity this morning.