LCID Stock News: Lucid Motors – Churchill Capital IV extends losing streak to seven

NASDAQ:LCID extended its decline on Thursday, as investors saw the seventh straight day of lower closing prices. Shares of LCID fell a further 3.73% on Thursday, and closed the tumultuous session at $21.71. Just one week earlier, shares of Lucid were trading as high as $25.00, but the volatility in the broader markets as well as the EV sector have seen the stock tumble. Other EV stocks that fell on Thursday include Tesla (NASDAQ:TSLA) which dropped by 2.25%, Nio (NYSE:NIO) which plummeted by 6.61%, and XPeng (NYSE:XPEV) which dipped by 4.40%. The latter two are also falling in sympathy with Chinese stocks after Beijing proposed new regulations to tech companies on Thursday. 

All eyes in the electric vehicle industry will be on Tesla’s AI Day event which will be broadcasted on Thursday evening. It is highly anticipated that CEO Elon Musk will have a few things to unveil, and the company needs all the good press it can get right now. Not only is Tesla’s driver-assist system being investigated by the NHTSA, but several U.S. Senators are also calling for Tesla to be investigated for potentially fraudulently misleading its customers and shareholders. 

LCID stock price forecast

On a positive note, Lucid customers who have reservations for the Air Dream luxury sedans received an email this week. The email advised the customers to confirm their orders leading to speculation that deliveries may be closer than we think. One prominent Lucid site believes that the email could mean that we could see vehicle deliveries as early as September.