LCID Stock News: Lucid Group Inc declines further as markets sour following Facebook miss

NASDAQ:LCID fell by 2.64% during Thursday’s trading session.
Tesla announces another recall for the second straight day.
Lucid is rolling out new features for its DreamDrive driver assistance system.

Stocks Reporter FXStreet

NASDAQ:LCID dropped lower on Thursday, as the global markets crumpled under the selling pressure after Meta Platforms (NASDAQ:FB) reported disappointing guidance for next quarter. Shares of Lucid fell by 2.64% and closed the trading session at $26.95. The drop in price continues Lucid’s downward trend so far this year as the EV maker has now lost 34% off its price since the start of 2022. Despite being able to deliver its first batch of vehicles late last year and winning numerous awards for the Air sedan, Lucid’s stock has not been able to live up to investor expectations so far. The so-called ‘Tesla killer’ has struggled to gain any traction with investors, and is trading mostly flat since the company went public in July of 2021.

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Another day, another recall for Tesla (NASDAQ:TSLA). The industry leader followed up its self-driving software update on Wednesday, with a larger recall on Thursday. The company is set to recall 817,143 of its vehicles due to a faulty seat belt reminder which is believed to pose a safety issue for drivers and passengers. Shares of Tesla were trading higher at the start of the session but were down by 1.60% by the closing bell.

LUCID Motors stock forecast

For Lucid’s limited number of customers, the company is preparing to rollout the latest software update which will include added features for its DreamDrive technology. The updates for Phase 1 of the rollout will include automatic emergency braking, cross traffic protection, lane departure protection, traffic drive-off alert, and traffic sign recognition. Lucid’s DreamDrive technology is explicitly stated as a driver assistance software, rather than full self-driving technology like Tesla.

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FXStreet

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