Lucid Stock Drops 12% As Deliveries Miss, Cash Burns, Short Sellers Win

Lucid Group — a Newark, Calif.-based designer, maker, and seller of luxury EVs, EV powertrains, and EV batteries — delivered investors a beautiful PowerPoint presentation prior to its July 2021 SPAC merger.

Nearly two years later, Lucid’s developing picture is nowhere near as brilliant as planned. While it raised $3 billion in cash in May, second quarter 2023 deliveries fell short of analyst expectations.