EV Stock Tumbles on Disappointing Deliveries

The ongoing price war with Tesla isn't helping

Deputy Editor
Jul 12, 2023 at 3:21 PM
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Lucid Group Inc (NASDAQ:LCID) is tumbling today amid demand concerns, after reporting disappointing second-quarter delivery numbers. The company delivered 1,406 electric Air luxury sedans, below analysts' expectations of 2,000, as the price war against Tesla (TSLA) adds pressure. At last glance, LCID was down 10.8% at $7.11, and on the short sell restricted (SSR) list. 

So far today, 236,000 calls and 78,000 puts have been exchanged, which is double the intraday average amount. The weekly 7/14 7.50-strike call is the most active contract, with new positions being bought to open there. 

This bullish-leaning volume is unsurprising, given that LCID's 50-day call/put volume ratio of 3.02 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than all other readings from the past year. 

It's worth noting that short interest currently represents 8.2% of the stock's available float. There is also plenty of potential pressure from overhead moving averages, including the 160-day trendline. Year-over-year, LCID is down 62.7%. 

LCID July12


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