Lucid shares have taken a hit after the electric vehicle manufacturer released its Q1 results, with the stock sinking 10% in response. Some analysts are calling LCID a “zombie stock,” with little hope for a turnaround in the near future.
The Q1 results showed that Lucid had delivered just 557 vehicles in the quarter, well below the 1,800 that had been expected. The company also reported a net loss of $185 million, up from $82 million in the same period last year.
Lucid’s CEO, Peter Rawlinson, blamed the slow delivery numbers on supply chain issues, but investors are growing increasingly skeptical. The company has yet to turn a profit, and with competition in the EV market heating up, some are questioning whether Lucid can survive.
The term “zombie stock” refers to a company that is essentially dead in the water, with little hope for a recovery. While Lucid is not quite at that point yet, the Q1 results have certainly raised concerns among investors.
Despite the setback, Rawlinson remains optimistic about the future of the company. He has stated that Lucid is on track to deliver 20,000 vehicles by the end of the year, and that the company is well-positioned to compete in the EV market.
Only time will tell whether Lucid can turn things around and become a major player in the electric vehicle space. For now, however, the company’s stock is taking a beating, and investors are growing increasingly wary.