Lucid Group, Inc. (LCID) is a technology and automotive company that develops the next generation of electric vehicle (EV) technologies. The company creates electric cars, EV powertrains, and battery systems. The stock has slumped nearly 52.5% year to date and 33.9% over the past month to close its last trading session at $18.08.
LCID is lowering its manufacturing targets. The company said in February that it would supply between 12,000 and 14,000 automobiles in 2022. That’s far lower than the company's initial expectation of 20,000 automobiles. The stated explanation was supply chain issues. However, it has piqued the interest of some attorneys, and a class-action complaint has been filed against the company. The primary complaint is that the company's production estimates are far lower than what LCID projected during the IPO process.
