LCID Stock News: Lucid Group Inc drops again erasing earlier week gains

NASDAQ:LCID dropped yet again on Friday, as the EV maker erased any gains it had made earlier in the week. Shares of LCID fell by 5.33% and closed the trading week at $22.92. The EV stock has been hammered since its earnings report last week, and another disappointing quarter from its rival Rivian (NASDAQ:RIVN) has sent most of the EV sector spiraling downward. The NASDAQ also had one of its worst sessions of the week as the growth-heavy index fell by 2.18%. The Dow Jones posted its fifth straight losing week while the S&P 500 also dropped off by 1.30%.

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Lucid is trying to reach out to its shareholders and customers by posting a series of videos explaining the technology that goes into its vehicles. Labelled Tech Talks, the first in the series hosted by CEO Peter Rawlinson, talked about the technology behind Lucid’s battery packs. Does this do much for the stock? Not really, but given the popularity that Tesla CEO Elon Musk has had on social media and in the public eye, Rawlinson may be taking a page out of his former employer’s book.

Lucid Motors stock forecast

Speaking of Tesla (NASDAQ:TSLA), the industry leader fell by another 5.12% on Friday after a bearish article by Retuers. The financial site revealed that Tesla is having difficulty ramping up its in-house battery technology, which Musk said would be powering over 1 million Tesla vehicles by 2022. Investors are also likely reacting to Tesla being forced to raise its vehicle prices due to the sudden rise in costs for minerals like nickel for its batteries. Shares of Tesla fell by 7.12% during another tumultuous week.