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Is Lucid Group a Buy After it Announces the Delivery of its First Electric Vehicles? -Breaking

by Mike Robinson

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© Reuters. Lucid Group: Is it a buy after it announces delivery of the first electric vehicles?

Lucid Group, an electric vehicle manufacturer (LCID), has just begun delivering luxury sedans to customers. Is it worth buying the stock right now, even though there hasn’t been any revenue generated by the company? Let’s find out.Luxury electric vehicle company Lucid Group, Inc. (LCID), which is based in Newark, Calif., had an impressive stock market debut on July 26, 2021, merging with special purpose acquisition company Churchill Capital Corp IV. Furthermore, it has completed its first Lucid Air Dream Edition delivery—the first electric car with a range of more than 500 miles on a single charge.

Over the past five days, the stock has gained 53.4% in price to close yesterday’s trading session at $36.99.

However, the stock is now trading at 75.33% lower than its 52-week record of $64.86, which was reached on February 18th 2021. The electric vehicle (EV) industry is facing severe semiconductor chip and labor shortages, which could hamper the company’s production plans. Moreover, rising competition in the EV space and the company’s zero revenues so far make its near-term prospects bleak.

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