Should You Buy Lucid Stock While It's Below $23?

Lucid Group (NASDAQ: LCID), a producer of luxury electric vehicles (EVs), attracted a lot of attention when it went public on July 26, 2021, through a reverse merger with a special purpose acquisition company (SPAC). Its stock opened at $25.24 and closed at a record high of $57.75 per share less than four months later.But then it plunged -- falling so far, in fact, that last month, management felt the need to conduct a 1-for-10 reverse stock split. So as of this writing, it trades at a share price of just under $20. But had it not conducted that financial maneuver, it would be trading below $2. On a reverse-split adjusted basis, it's down by more than 90% from its price the day it joined the public markets.Lucid initially impressed the bulls for several reasons. It was led by Tesla's former chief vehicle engineer, Peter Rawlinson. It was all set to produce its first vehicles. And management claimed it would be able to deliver 20,000 vehicles in 2022, 49,000 vehicles in 2023, and 90,000 vehicles in 2024. It started to deliver its first model, the Air sedan, in October 2021.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool