Lucid stocks shed as deliveries shoot crash from Tesla’s price competition

BE desk

“We continue to view Lucid as a broken growth story and its ramp up rate has been particularly disappointing considering its newer, state-of-the-art factory in Casa Grande, Arizona,” CFRA Analysis analyst Garrett Nelson mentioned.

Lucid’s Wind luxurious sedans get started at $87,400, placing them in direct festival with the Elon Musk-led automaker’s Type S that prices $88,490.

“We continue to believe significant price cuts are needed on the Air, particularly in light of increasing competition, in order to stimulate demand,” Nelson added.

Lucid has additionally been suffering with a money crunch and had unveiled plans in Might to lift about $3 billion thru a store providing, just about two-thirds of which might come from its biggest investor Saudi Arabia’s Community Funding Charity (PIF).

Closing time, the EV maker signed a trade in with Aston Martin, giving the British corporate get admission to to its electrical powertrain and battery applied sciences in go back for a three.7 % stake.

Lucid mentioned it might document monetary effects for the second one quarter on Aug. 7 next markets akin.

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