Lucid Shares Collapse Near All-Time Low

By Douglas A. McIntyre Published Aug 13, 6:20AM EDT

Follow 24/7 Wall St. on Google

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Lucid Shares Collapse Near All-Time Low — © hapabapa / iStock Editorial via Getty Images

24/7 Wall St. Insights

Lucid Group Inc. (NASDAQ: LCID | LCID Price Prediction) stock dropped almost 10% to an all-time low.
It is hard to find another stock that has struggled as much.
Also: Dividend legends to hold forever.

Shares of deeply troubled electric vehicle (EV) maker Lucid Group Inc. (NASDAQ: LCID) dropped almost 10% to an all-time low of $2.90. That compares to a 52-week high of $6.80 and an all-time high of $56 set during November 2021. It is hard to find a stock of any kind that has collapsed that much.

The sale was surprising, given that Lucid just raised $1.5 billion from the Saudi Public Investment Fund (PIF). Lucid is also set to release a new model, the Lucid Gravity SUV.

Lucid did lose a lot of money last quarter. It totaled $643 million on revenue of $200 million. It sold an extremely modest 2,374 vehicles. It is hard to imagine how such a small company can grow unit sales to profitable levels.

Among the problems the electric vehicle (EV) maker faces is that its sedans are very expensive in a world where people generally look for EVs with prices closer to gasoline-powered cars. Most of the Lucid Air sedans cost about $75,000, while the average price of a new combustion-engine vehicle in the United States is about $45,000.

Lucid faces more than just public concerns about battery range, charging stations, prices, and tire wear. Every major car company has entered or will enter the U.S. EV market. Tesla has a 49% market share, which makes the market even more competitive. There is a reason Lucid’s shares are down to such a frighteningly low level.

The Five Best EVs to Drive Forever

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.