Luxury electric vehicle (EV) maker Lucid Group (LCID -4.92%) launched its fully electric Gravity SUV to the public last year and began accepting registrations from interested customers. It officially introduced the initial 2026 Grand Touring edition yesterday.
A company executive also announced that plans to launch a new, midsize SUV next year are on track. Yet after a brief rise higher, Lucid stock is plunging today. Lucid shares closed the day's trading lower by 5%.
Lucid stock is down about 25% year to date with today's drop. News from the company yesterday was positive, though. Lucid is diversifying its product lineup with its new luxury Gravity SUV. It began accepting registrations last year, but now has officially opened the order book on the high-end SUV that starts at $94,900.
Another version with a starting price of under $80,000 will be available to order later this year. Maybe more important for Lucid investors are plans to launch a new, lower-priced, midsize SUV next year. Lucid senior vice president Derek Jenkins said the company is on track for that 2026 launch. That vehicle is set to start at a $50,000 price point, and could vault the company into a much larger market of consumers.
Yet the stock plunged today as investors see tariffs and potentially negative economic consequences as a reason to sell technology names. Lucid addressed the tariff issue yesterday, too. Interim CEO Marc Winterhoff told Reuters that the company has no plans to raise prices, but it does have agreements in place with battery cell and graphite suppliers for domestic production to avoid U.S. tariffs in the near future.
That wasn't enough for investors to spare Lucid shares from today's tech sell-off, though. The Nasdaq Composite (^IXIC -3.07%) was down as much as 4% today, closing down 3%, and dropped to 20% below its record high set late last year.
While Lucid gave long-term investors some positive news yesterday, it will be a bumpy ride for shareholders as long as tech stocks struggle.
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