Lucid’s future was already cloudy, but lately the EV startup’s name is practically a misnomer.
On Wednesday, Lucid told investors that it delivered 1,404 of its Air sedans during the second quarter, missing Wall Street analysts’ expectations by nearly 600 vehicle deliveries. The startup also said it built 2,173 vehicles during Q2, down from 2,314 in the first quarter of the year.
Investors already had cause for concern about slipping demand for Lucid’s luxury EVs, and the latest stats only reinforce that narrative. So, it’s no surprise that LCID is now in the dumps. Individual shares opened at $7.74 today and tumbled more than 12% during regular trading, per Google Finance. After hitting a low of $7.08 a share, the stock ticked up a bit to around $7.22 this afternoon. The company’s 52-week high of $21.78 per share has long faded in its proverbial rearview mirror.
While sharing its new stats, Lucid asserted i …
