- NASDAQ:LCID dips a further 2.77% on Monday as the EV sector trades lower.
- Tesla drags the sector down as the U.S. government begins a probe into its driver-assist system.
- More driver-assist problems in China as Nio shares also take a tumble.
NASDAQ:LCID has continued its downward trend that truthfully has been hitting the stock since it peaked at $64.86 in February. On Monday, shares of LCID fell a further 2.77% to close the trading day at $22.83. While Lucid has yet to report an official date for when its first deliveries will hit customers, the company should probably think about double checking its driver-assist system before launch. The issue has been giving numerous companies problems including some of the more established automakers around the world.
Of course, one of these companies is Tesla (NASDAQ:TSLA) as has been much publicized on social media by CEO Elon Musk. On Monday, the U.S. National Highway Traffic Safety Administration officially started an investigation into several models of Tesla’s vehicles that offer the system. This includes over 765,000 of Tesla’s Model 3, Model S, Model X, and Model Y vehicles and will investigate eleven different crashes that were believed to have involved Tesla’s driver-assist system. Shares of Tesla were down 4.3% on the news during Monday’s session.
LCID stock price forecast
Don’t look now, but Chinese EV maker Nio (NYSE:NIO) is also having issues with its driver-assist system. Shares of Nio tumbled by 5.83% on Monday on the news of another fatal accident that involved its self-driving technology. The news comes alongside Tesla’s, and the entire electric vehicle sector is paying the price for it. Autonomous driving is thought to be the next frontier for automakers, but the issues these companies continue to see may be putting a halt to the technology in the minds of investors.
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