- NASDAQ:LCID fell by 10.87% on Wednesday lagging the NASDAQ which hit a new all-time high.
- Lockup expiry hits Lucid hard as early PIPE investors are freed.
- Lucid rival Tesla takes another step towards selling vehicles in India.
NASDAQ:LCID saw the bottom fall out on Wednesday, and investors are clearly getting impatient with the stock that is down over 30% since its merger back in July. On Wednesday, Lucid continued into September just as ended August: in the red. Shares fell by 10.87% and Lucid closed the trading day at $17.79. It is likely the final straw in another long losing streak for the stock, and without a definitive delivery date or schedule announced, it's unclear at this point what can reverse the downward trend. Investors will be looking ahead to the September 27th Production Preview event for some good news.
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The major catalyst for Lucid’s decline on Wednesday was the long-awaited expiry of the PIPE investor lockup period. At one point in the morning, Lucid’s shares were down over 20%, but the stock managed to claw back some of the losses by the closing bell. It is actually unclear if any PIPE investors sold shares today, but it is not uncommon for recently merged SPAC stocks to fall once the lockup expires. It will be interesting to see if investors will buy the dip here or let the stock continue to fall.
LCID stock price forecast
In other EV News, Lucid rival Tesla (NASDAQ:TSLA) has taken another step closer to cornering the key market of India. The country’s Ministry of Road Transport and Highways has deemed four of Tesla’s models as certified roadworthy. India represents the fifth largest automobile market in the world although a lack of charging infrastructure and a focus on two-wheeled, economy level vehicles means that electric vehicles only make up about 1% of total sales on the sub-continent.
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