Stock Track | Lucid Group Plummets 5.05% Despite Launch of New Lucid Gravity Touring SUV

Stock Track11-21

Lucid Group Inc (LCID) saw its stock price plummet by 5.05% during intraday trading on Thursday, despite the company's announcement of a new addition to its electric vehicle lineup. The luxury electric vehicle manufacturer launched the Lucid Gravity Touring, a new SUV model with a starting price of $79,900, but investors appeared unimpressed by the news.

The company stated that customer orders for the Lucid Gravity Touring are now open, with select configurations available for immediate delivery. In Canada, the luxury electric SUV is priced starting at 113,500 Canadian dollars. Despite the seemingly positive development of expanding its product range, the market reaction suggests investors may have concerns about the pricing strategy, production costs, or potential market demand for the new model.

The unexpected stock movement following a product launch highlights the complexities of the electric vehicle market and investor sentiment. While Lucid Group aims to strengthen its position in the luxury EV segment with the Gravity Touring, the market's initial response indicates that investors may be looking for more than just new model announcements to boost confidence in the company's future prospects.

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