Why Lucid Stock Plunged Over 25% This Week
It's been an eventful week for investors in Lucid Group (NASDAQ: LCID). The electric vehicle (EV) stock was already tanking ahead of earnings after getting a massive analyst downgrade when it dealt a big blow to investor confidence by announcing its CEO's sudden departure. That overshadowed Lucid's big production guidance for 2025, and the stock plunged this week -- it was trading 27% lower through Friday noon, according to data provided by S&P Global Market Intelligence. Here's all you need to know.Lucid's fourth-quarter revenue surged 49% year over year to $234.4 million, and the company narrowed its net loss to $0.22 per share from $0.29 a share during the quarter. 2024 is a "transformational year" for Lucid, according to interim CEO Marc Winterhoff -- "interim" because alongside its numbers, Lucid also announced the departure of its CEO, Peter Rawlinson, and said it is looking for a new CEO while Winterhoff spearheads the company.As is often the case, the abrupt leadership change seems to have spooked investors.Continue reading
It's been an eventful week for investors in Lucid Group (NASDAQ: LCID). The electric vehicle (EV) stock was already tanking ahead of earnings after getting a massive analyst downgrade when it dealt a big blow to investor confidence by announcing its CEO's sudden departure. That overshadowed Lucid's big production guidance for 2025, and the stock plunged this week -- it was trading 27% lower through Friday noon, according to data provided by S&P Global Market Intelligence. Here's all you need to know.
Lucid's fourth-quarter revenue surged 49% year over year to $234.4 million, and the company narrowed its net loss to $0.22 per share from $0.29 a share during the quarter. 2024 is a "transformational year" for Lucid, according to interim CEO Marc Winterhoff -- "interim" because alongside its numbers, Lucid also announced the departure of its CEO, Peter Rawlinson, and said it is looking for a new CEO while Winterhoff spearheads the company.
As is often the case, the abrupt leadership change seems to have spooked investors.
