Lucid Group Inc. (LCID) stock is down in the Current Market; here is why?

Lucid Group Inc. (NASDAQ: LCID) stock is down in the current market after announcing the release date for the first-quarter results. LCID stock is currently trading at $18.87, losing more than 1.2% from the previous close. LCID stock previously closed at $19.11 with a trading volume of 21.07 million shares.

Global Electric Vehicle Industry

Electric car startup Lucid Group Inc. (NASDAQ: LCID) has created a name for itself in recent years in the market for electric vehicles. The firm is well-known for its cutting-edge designs and for manufacturing electric cars with the quickest charging times.

Electric cars are in high demand as more and more people turn to renewable energy sources. Consumers are drawn to electric vehicles for various reasons, including how well they outperform conventional automobiles in terms of pollution, upkeep, and fuel economy. There are other aspects of the experience to consider, such as quietness, comfort, and convenience of charging at home. Electric automobiles are more expensive than their gasoline-powered counterparts, even though they don’t need regular oil changes.

In 2021, the global electric car market was estimated to be worth $185 billion. It is expected to grow at a CAGR of 24.5 percent between 2022 and 2028, reaching $980 billion in 2028.

LCID: Recent News

In the news recently, Lucid Group Inc. (NASDAQ: LCID) said that it has started delivering Lucid Air Grand Touring to customers. It also said that it would soon introduce a new version of Lucid Air, the Lucid Air Grand Touring Performance. It takes only 2.6 seconds to get from 0-60 mph in the all-new 1,050 horsepower Lucid Air Grand Touring Performance. Customers in the United States will be able to get their hands on the $179,000 model in June of 2022. Deliveries of the Air Grand Touring Performance will commence in August 2022 at a CAD MSRP of $242,000 (before taxes).

Recently, Lucid Group Inc. opened a new studio in the Seaport District studio in Boston. The Gate at Manhasset on Long Island, NY, will be the next facility to open after the one in Boston. The inauguration of these studios will bring the total number of studios and service centers in North America to 26.

LCID: Upcoming Events

The company announced on April 21, 2022, that they would release their results for the first quarter of 2022 on Thursday, May 05, 2022. Its management will host a conference call to discuss the corporate updates with investors. The company will release financial results before the conference call. The timings of the conference call are 5:30 p.m. EST/ 2:30 p.m. PST.