Lucid Group Inc (LCID)

[pcjockey]

Lucid Shares Fall More Than 4% After Vehicle Recall
Stock Markets36 minutes ago (Feb 22, 2022 12:47PM ET)
By Sam Boughedda

Investing.com -- Lucid Group Inc (NASDAQ:LCID) (NASDAQ: LCID) plans to recall about 200 high-end EV sedans due to a safety defect that potentially increased the chance of collisions.

Lucid shares fell 4.4% on Tuesday. The EV maker is a potential competitor to Tesla Inc (NASDAQ:TSLA).

Bloomberg reported that the maker of luxury electric vehicles may have installed a piece on the Lucid Air's front strut dampers incorrectly, which was the result of an error from a supplier.

An email sent out to customers, which was seen by Bloomberg said the "condition may result in a sudden loss of ground clearance, vehicle vibration and front brake line damage, increasing the risk of a crash."

Owners of the cars will have the automaker inspect and repair the problem at no extra cost.

Lucid said it initiated the recall. However, it is not aware of any instances of failure in its vehicles so far and expects only 1% of the 203 Air sedans to have the part installed incorrectly.

https://www.investing.com/news/stock-market-news/lucid-shares-fall-more-than-4-after-vehicle-recall-2769420