LCID - Why Lucid and Other EV Maker Stocks Crashed in August
August was a busy month for hearing updates from early-stage electric vehicle (EV) companies. Those updates brought a dose of reality to investors, and several EV maker stocks got crushed last month. Lucid Group (NASDAQ: LCID) led off the earnings parade on Aug. 3 and it set the tone for many others. Lucid shares dropped 15.9% for the month, according to data provided by S&P Global Market Intelligence.
Hyzon Motors (NASDAQ: HYZN) and Faraday Future Intelligent Electric (NASDAQ: FFIE) fared much worse with these stocks plunging 47% and 49.3%, respectively, in August. While Lucid highlighted some current struggles that many in the industry are facing, Hyzon and Faraday have even deeper issues with their respective businesses.
Image source: Lucid Group.
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Why Lucid and Other EV Maker Stocks Crashed in August