We recently published a list of Traders Ditched These 10 Stocks. Here’s Why. In this article, we are going to take a look at where Lucid Group, Inc. (NASDAQ:LCID) stands against other worst-performing stocks.
Lucid Group declined by 8.37 percent on Thursday to end at $2.41 apiece as investors sold off positions while digesting the impact of the One Big, Beautiful Bill Act (OBBBA) on the broader electric vehicle industry.
President Donald Trump’s OBBBA, currently under review by the Senate, seeks to eliminate federal tax credits for electric vehicles for existing and new purchases as early as the end of the year.
An engineer examining an electric vehicle design in a lab, showing the company’s innovative battery systems.
While market experts expect a boom in EV sales before the tax credits expire, the OBBBA poses a long-term threat to manufacturers and owners of EVs, as it would raise costs for and dampen their adoption, and in turn, could affect Lucid Group, Inc.’s profit margins.
In the first quarter of the year, Lucid Group, Inc.’s widened its net loss attributable to shareholders by 6.71 percent to $731 million from $685 million in the same period last year.
Revenues, on the other hand, rose by 36 percent to $235 million from $172.7 million year-on-year.
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This article is originally published at Insider Monkey.
