LCID Stock News: Lucid Group drops another 5% on Friday

NASDAQ:LCID fell by 1.86% during Thursday’s trading session.
Rivian reports its first quarterly earnings as a public company.
Tesla's losing streak continues as the stock approaches $900.

Stocks Reporter FXStreet

UPDATE: Lucid Group dropped another 5.6% to $37.81 in the first few minutes of Friday's session. The stock is one of many growth names that has borne the brunt of the recent end-of-year sell-off. The Nasdaq is down 0.8% as stocks without profits trading at rich valuations are having to compete with expectations of higher interest rates in 2022, which would diminish their discounted value.

NASDAQ:LCID continued its ugly month on Thursday as shares once again fell due to general weakness in both the NASDAQ index and EV sector. Shares of LCID fell by 1.86% and closed the tumultuous trading day at $40.05. It was yet another day of pain for growth investors as the bearish session erased any gains from Wednesday’s late day rally. The NASDAQ tumbled by 2.47%, while the S&P 500 and Dow Jones fell by 0.87% and 0.08%, respectively. Lucid’s slide has seen the stock fall by nearly 24% over the past month, which is not what investors of the EV maker were expecting once vehicle deliveries commenced.

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All eyes in the electric vehicle sector were on newcomer Rivian (NASDAQ:RIVN) on Thursday as the company reported its first earnings as a public company after the closing bell. Shares of Rivian fell by 5.33% during trading hours on Thursday, and dropped by a further 10% in after hours trading. Rivian reported that it is scaling back production expectations for 2022, citing that the global supply chain is still having a major effect on making vehicles. The company did confirm it is building a $5 billion production plant in Georgia that should be ready in late-2022.

Lucid Motors stock price

Lucid and Rivian were not the only EV stocks that struggled on Thursday. Shares of industry leader Tesla (NASDAQ:TSLA) declined a further 5.03% during the session, as investors ruthlessly cut their shares of high growth companies. The next major catalyst for Tesla should be its Q4 deliveries report which will likely be released by the company during the first week of January. Until then, we could see some more pain for Tesla shareholders as we head into the end of the year.

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FXStreet

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