EV - Lucid Stock Drops Despite The Company's Efforts To Secure Ev Batteries
On Tuesday, Lucid stock opened higher , trading as high as $8.96 a share, but gains could not be maintained. During noon trading, the price of Lucid stock decreased by 0.3%.
Electric car start-up In preparation for the growth of its product line, Lucid is working to secure supplies of batteries for electric vehicles. However, the stock’s situation has remained the same. It’s possible that Tesla is to blame.
On Tuesday, Lucid Group Inc ( NASDAQ:LCID ) announced that Panasonic (6752.Japan) would be the supplier of electric car batteries for the company’s entire lineup of electric vehicles. The batteries will be produced in facilities located in Japan in addition to a brand new plant that will be constructed in De Soto, Kansas.
In a press release, Lucid’s Chief Executive Officer Peter Rawlinson referred to Panasonic as a “great partner” due to the company’s “innovative technology” and “depth of knowledge.” As we continue ramping up manufacturing of the entire Lucid Air lineup in 2023 and anticipate beginning production of our Gravity SUV in 2024, this arrangement will assist us in meeting the increased demand for lithium-ion batteries.
The unveiling of the Gravity is scheduled for the year 2023. It will be a premium product similar to the Lucid Air sedan, and buyers of automobiles should expect to pay something in the neighborhood of $100,000 for it. The prices have yet to be finalized and made public.
On Tuesday, LCID stock opened higher, trading as high as $8.96 a share, but gains could not be maintained. During noon trading, the price of the stock decreased by 0.3%.
The arrangement with Panasonic was helpful; the supply of batteries is essential for any manufacturer of electric vehicles. More prominent automobile manufacturers are investing in their battery capacity to help drive down pric...
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