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Lucid Group Stock Drops 33% Post-July Surge as Uber Deal Optimism Fades
Lucid Group Stock Drops 33% Post-July Surge as Uber Deal Optimism Fades
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BTCCSquare news:
Lucid Group's stock (LCID) has plunged 33% since its July peak, erasing all gains from its $300 million partnership announcement with Uber. The electric vehicle maker's shares briefly soared above $30 on news of the deal—which included Uber's commitment to purchase 20,000 Lucid SUVs for its robotaxi division—but now trade below $20.
Initial market euphoria mirrored Tesla's robotaxi valuation projections, with some analysts forecasting a $1 trillion market impact by 2026. Yet the selloff suggests investors have reassessed the partnership's immediate benefits. Lucid's cash infusion, while material for the unprofitable automaker, appears insufficient to offset scaling challenges in the nascent autonomous vehicle sector.
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