If You'd Invested $1,000 in Lucid Stock 4 Years Ago, Here's How Much You'd Have Today

Lucid Group (NASDAQ: LCID) debuted on the Nasdaq stock exchange with much fanfare on July 26, 2021 after merging with a special purpose acquisition company (SPAC). The electric-vehicle (EV) stock jumped by double-digit percentages on the day of listing and hit an all-time high of $57.75 on Nov. 15, 2021. If you'd invested $1,000 in Lucid stock at its closing price on listing day, you'd have more than doubled your money in less than four months.However, that same $1,000 investment in Lucid stock is worth only a fraction today -- or $89 precisely -- which means investors who bought Lucid stock at its initial public offering (IPO) have seen their wealth erode by over 90%. What went so drastically wrong at such a promising EV start-up that was even called the next Tesla?Lucid set lofty goals in July 2021. It expected to produce 20,000 units of its first product, the Lucid Air sedan, in 2022, and launch the Gravity SUV in 2023. The EV maker failed miserably, producing only 7,180 units in 2022. Gravity SUV was launched in 2024.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool