Lucid Group stock drops following CEO departure
fool.com —
Lucid Group's stock has dropped significantly, trading around $2 after peaking at $3.50 in February. The decline follows a broader downturn in the electric vehicle sector and the recent departure of CEO Peter Rawlinson. The company, which generated $800 million in revenue in 2024, has introduced its Gravity SUV, expected to boost sales growth. Analysts predict a 50% increase in sales next quarter, with overall sales potentially doubling this year. Despite the recent stock correction, Lucid's valuation is at a low point. The company plans to launch three new affordable models in the future, but these are still years away.