Lucid Launches Cheaper Electric Sedan; Bears Chime In

The company has struggled with demand recently

Laura McCandless

Deputy Editor

Oct 5, 2023 at 3:00 PM

LCID

Lucid Group Inc (NASDAQ:LCID) stock is staging a sharp drop on the charts, after the company launched a cheaper version of its Air sedan. The Air Pure electric sedan will start at $77,400 and be available immediately, and comes as the electric vehicle (EV) company has struggled with demand amid competition with Tesla (TSLA).

At last glance, LCID was down 6.6% at $5.20 -- earlier as low as $5.03 -- and hovering above its recent Sept. 25 record low of $4.97. Since mid-August, the descending 20-day moving average has guided the shares lower. LCID is now down roughly 24% in 2023.

Options bears are chiming in on today's pullback, with puts running at double the intraday average volume. Within the 52,000 puts exchanged so far, the January 2024 5-strike put is the most active by far.

Follow @Schaeffers

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!