Lucid Group Inc Aktie News

If you follow the electric vehicle (EV) industry, by now you're aware the federal $7,500 tax incentive for EV purchases went the way of the dinosaurs on Sept. 30. While that created a nice pull-forward effect for demand during the third quarter, it's going to leave an equally strong slowdown during the fourth quarter.

Since the close of trading last week, shares of the electric vehicle maker Lucid Group (LCID 1.34%) traded roughly 10% lower, as of 9:57 a.m. ET today. The move comes after Lucid reported third-quarter deliveries earlier this week, and received a negative rating from Wall Street.

Lucid Group Inc. (NASDAQ: LCID) sold a tiny number of vehicles in the third quarter.

Although Lucid stock  (NASDAQ: LCID) is facing bearish sentiment in the short term, Wall Street analysts project possible upside in the coming year.

Shares of Lucid (LCID -9.74%) are falling on Tuesday, down 9.2% as of 2:33 p.m. ET. The drop comes as the S&P 500 (^GSPC -0.45%) and the Nasdaq Composite (^IXIC -0.68%) fell 0.5% and 0.7%, respectively.

Lucid delivered almost 4,100 EVs in the third quarter, a record for the automotive start-up

Lucid Motors delivered a record 4,078 vehicles in the third quarter, likely buoyed by a combination of more Gravity SUVs hitting the road and a rush of customers taking advantage of the expiring federal EV tax credit.