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Lucid Group to recall over 200 cars due to possible safety issue -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A logo can be seen on the steering wheel of a LucidAir Dream Edition parked at Nasdaq MarketSite. Lucid Motors (Nasdaq : LCID). After completing the business merger with Churchill Capital Corp IV, Lucid Motors began trading on Nasdaq’s stock exchange.

(Reuters) – Electric vehicle maker Lucid Group announced Tuesday that it will recall over 200 premium sedans because of a safety concern. This sent its share price down almost 5%.

California-based business said it was possible that its supplier had assembled the front damper (a part of suspension) in sedans incorrectly.

Lucid has not seen any failures in the part, however it anticipates that approximately 1% of all 203 cars potentially affected may be equipped with the wrong part.

The company started production of a $169,000 version of the electric sedan after overcoming delays from quality issues. Only a handful of vehicles have been delivered by the company since then.

Tesla Inc (NASDAQ 🙂 Inc. has recently filed recalls with National Highway Traffic Safety Administration to address issues related its driver assistant system, as well as other software problems.

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