Lucid Group Inc. (LCID) stock went down by a further 17.01% premarket, at $39.23 with 2.7 million shares exchanging at last check on Monday. In the previous trading session, the stock saw a small loss of 2.35% to close at $47.27 with 76.44 million shares. The stock seems to be in market corrections due to its last month’s gain. The stock had been soaring high in the previous month due to the company’s many new developments.
The electric vehicle developer, Lucid Group Inc. (LCID) has a market capitalization of $77.82 billion. Currently, the company’s 1.65 billion shares are outstanding in the market.
Why the Decline?
LCID sock surged high in the previous months. The company’s shares soared 43.2% for the month of November. Moreover, the stock went up by 141.67 in the past three months and a staggering 372.23% year to date.
The company’s announcements of starting mass production, first customer deliveries, improved financial results and, 2022 MotorTrend Car of the year title are some of the major driving factors in the stock’s previous gains. Following the big gains LCID witnessed, the stock seems to be under market corrections now. It has traded in red recently to lose over 14% in the past five sessions.
Car of the Year
On November 15, LCID announced that its Lucid Air sedan has been named MotorTrend’s Car of the Year. Hence, making it the first for a new automotive company to win the award with its first car.
Being one of the most prestigious awards in the industry, MotorTrend’s Car of the Year deems Lucid Air as the new benchmark for electric vehicles. The award is given only after a company’s EV fulfills six key criteria including efficiency, value, advancement, engineering excellence, safety, and performance. Moreover, among the many top-notch finalists like Mercedes, Porche, and Honda, etc., Lucid Air excelled at each of the criteria to be awarded the title.
LCID has recently started making deliveries of the revolutionary electric vehicle, Lucid Air.
LCID’s Financial Highlights
The company announced its unaudited third-quarter financial results for 2021, on November 15. As per the third quarter of 2021, the company’s order book was $1.3 billion approximately, which was reflected by 13,000 customer reservations. Further, the customer reservations have increased by over 17,000 since the end of the third quarter.
Moreover, LCID ended the quarter with cash of $4.8 billion. Out of which $4.4 billion was generated by the closing of de-SPAC reverse merger plus PIPE.
