"Late last year, Lucid Group Inc. ( NASDAQ: LCID) began production of its highly anticipated Gravity luxury electric SUV. The vehicle was touted for its impressive horsepower and acceleration, and for its long-range capabilities. The SUV also drove Lucid's strong 2025 sales growth forecast. This year, the company announced it would acquire production facilities from bankrupt electric truck maker Nikola, as well as management changes, including the chief executive stepping down and the chief operating officer becoming interim CEO."
"Luxury electric vehicle maker Lucid was a highly anticipated startup in 2021 when it went public through a reverse merger with the special purpose acquisition company (SPAC) Churchill Capital IV. Majority-owned by the Saudi government's Public Investment Fund (PIF) sovereign wealth fund, the merger attracted $4.5 billion in new capital. The stock quickly ran up from its opening price of $25.24 on July 26, 2021, to an intraday high of $56.70 on Nov. 30, giving it a market cap of $90 billion."
Lucid began production of the Gravity luxury electric SUV, promoted for horsepower, acceleration and long-range capability, which supported a strong 2025 sales-growth forecast. The company acquired production facilities from bankrupt Nikola and implemented management changes, with the chief executive stepping down and the chief operating officer becoming interim CEO. Timothée Chalamet was named Global Brand Ambassador, and Lucid struck a robotaxi deal with Uber. The company executed a 1-for-10 reverse stock split and announced a major collaboration with Nvidia. Shares plunged to multiyear lows and trade well below the 2021 SPAC-driven peak amid production issues, weak EV demand, and premium pricing.
Read at 24/7 Wall St.
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