Record low for Lucid stock

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【Summary】Lucid Group's stock hits record low after worse-than-expected quarterly results and lowered production outlook; down 93% from all-time high.

FutureCar Staff Nov 08, 2023 10:16 PM PT

Shares of Lucid Group Inc. (LCID) plummeted over 8% on Wednesday, reaching an all-time low. This drop comes in response to the EV maker's disappointing quarterly results, which were released late Tuesday. Interestingly, this decline marks the largest one-day percentage drop since October 18, when the stock fell by 9.4%.

Lucid's third-quarter results were a mixed bag, and the company has also revised its production outlook for the year. The reason behind this adjustment is that Lucid wants to align its production with its deliveries. As a result, the stock has fallen a staggering 93% from its all-time closing high of $58.05 on February 18, 2021. In contrast, the S&P 500 index has experienced a modest increase of around 14% this year.