Lucid Group's Stock Dips as Company Seeks to Double Production

Published 1 days agoLCID

Lucid Group's Stock Dips as Company Seeks to Double Production

Lucid Group Inc. (LCID) experienced a 7.68% drop in its stock price, now trading at $2.23 per share as of May 31, 2025. The stock opened at $2.38 and saw a high of $2.45 and a low of $2.21 with a substantial trading volume reaching over 259 million shares. This follows recent leadership changes and strategic shifts within the company.

Earlier this year, Lucid appointed Marc Winterhoff as interim CEO after Peter Rawlinson stepped down. A key focus for the company is to double its vehicle production to 20,000 units in 2025, an ambitious increase from the 9,000 units produced in 2024. Additionally, Lucid has launched the Gravity SUV, priced at $94,900, as part of their efforts to diversify their product lineup, a move reported by the Financial Times.

In 2024, Lucid reported revenues of $807.83 million, representing a 35.71% year-on-year increase, but faced a net loss of $3.06 billion, up by 8.24% from the previous year. Reuters reported that Lucid is navigating a highly competitive EV market, and its financials highlight ongoing challenges, including high operational costs and external funding dependencies. Despite these hurdles, the company remains focused on expanding its product range and increasing production capacity.

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