LCID Stock News: Lucid Group Inc tanks as Tesla drags down EV sector
Premium|Take advantage of 50% OFF on your first month.
50% OFF and access to ALL our articles and insights.
You have reached your limit of 5 free articles for this month.
Take advantage of the Special Price just for today!
50% OFF and access to ALL our articles and insights.
Subscribe to Premium- NASDAQ: LCID fell by 8.85% during Thursday’s trading session.
- Lucid needs to allocate its capital to help sustain its growth.
- Tesla sees further Cyber Truck delays and vehicle hacks.
NASDAQ: LCID fell lower for the third time in the past four days this week, as the NASDAQ index continued to see volatility during Thursday’s session. Shares of LCID tumbled by 8.85% and closed the trading day at $41.41. The stock has moved below its 50-day moving average this week, which is generally seen as a short-term bearish indication. But perhaps most of Lucid’s weakness on Thursday was due to the NASDAQ plummeting lower by 2.51% as the tech-heavy index snapped its three-day winning streak. The Dow Jones fell by 176 basis points and the S&P 500 lost 1.42% in a bloody day for the broader markets.
Stay up to speed with hot stocks' news!
Lucid is at a crucial time in its business life as its recently announced plans to expand into Europe and eventually, Saudi Arabia, means that the company needs to start scaling up production now. Lucid is in the midst of upgrading its production facility in Arizona, and has plans to build another factory in Saudi Arabia by 2026. Lucid has $7 billion in capital to help with its growth right now, after it raised $2 billion during a debt offering in late 2021.
Lucid Motors stock forecast
Tesla (NASDAQ: TSLA) saw its stock tank on Thursday as a couple of negative headlines seemed to have an impact on investors. Combined with the overall market weakness, Tesla’s losses seemed to drag down the rest of the EV sector. First, continued delays in Tesla’s production has led industry analysts to estimate that the long-awaited Cyber Truck won’t be ready in 2022 either. Furthermore, a teenage hacker in Germany has reported that he has been able to hack into 25 Tesla vehicles in 13 different countries around the world. He did state that it was due to precautions not taken by drivers, but it is still a concerning trend as we move into a world of autonomous vehicles.
Like this article? Help us with some feedback by answering this survey:
- NASDAQ: LCID fell by 8.85% during Thursday’s trading session.
- Lucid needs to allocate its capital to help sustain its growth.
- Tesla sees further Cyber Truck delays and vehicle hacks.
NASDAQ: LCID fell lower for the third time in the past four days this week, as the NASDAQ index continued to see volatility during Thursday’s session. Shares of LCID tumbled by 8.85% and closed the trading day at $41.41. The stock has moved below its 50-day moving average this week, which is generally seen as a short-term bearish indication. But perhaps most of Lucid’s weakness on Thursday was due to the NASDAQ plummeting lower by 2.51% as the tech-heavy index snapped its three-day winning streak. The Dow Jones fell by 176 basis points and the S&P 500 lost 1.42% in a bloody day for the broader markets.
Stay up to speed with hot stocks' news!
Lucid is at a crucial time in its business life as its recently announced plans to expand into Europe and eventually, Saudi Arabia, means that the company needs to start scaling up production now. Lucid is in the midst of upgrading its production facility in Arizona, and has plans to build another factory in Saudi Arabia by 2026. Lucid has $7 billion in capital to help with its growth right now, after it raised $2 billion during a debt offering in late 2021.
Lucid Motors stock forecast
Tesla (NASDAQ: TSLA) saw its stock tank on Thursday as a couple of negative headlines seemed to have an impact on investors. Combined with the overall market weakness, Tesla’s losses seemed to drag down the rest of the EV sector. First, continued delays in Tesla’s production has led industry analysts to estimate that the long-awaited Cyber Truck won’t be ready in 2022 either. Furthermore, a teenage hacker in Germany has reported that he has been able to hack into 25 Tesla vehicles in 13 different countries around the world. He did state that it was due to precautions not taken by drivers, but it is still a concerning trend as we move into a world of autonomous vehicles.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.