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Barchart
Barchart
Mohit Oberoi

As the Stock Hits New Lows, How Long Can Lucid Motors Survive?

Lucid Motors Lucid Elon Musk Rivian Tesla Inc. Saudi Arabia Foxconn LCID Lordstown Motors SPAC

On Friday, Lucid Motors (LCID) shares fell to an intraday low of $3.62, marking a new record low for the startup electric vehicle (EV) company. While LCID eventually closed at $3.80, and is modestly higher to start the week, that's not much comfort for investors - the stock currently trades at less than half of the 2021 special purpose acquisition company (SPAC) IPO price of $10.

The most recent trigger for the downside in Lucid Motors shares was its guidance cut to full-year production. The company now expects to produce between 8,000-8,500 cars in 2023, down from its previous guidance of over 10,000 vehicles. Incidentally, Lucid Motors slashed its production guidance multiple times in 2022, as well.

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