Lucid (NASDAQ: LCID) stock is moving lower in Thursday’s trading. The electric vehicle (EV) specialist’s share price was down 4% as of 2:30 p.m. ET. At the same point in the daily session, the S&P 500 and the Nasdaq Composite index were each down 0.3%.
Lucid’s share price is dipping today after Tesla CEO Elon Musk made new comments that were critical about the spending bill President Donald Trump is trying to get through Congress. As of 2:30 p.m. ET, Tesla stock was down 10.3%.
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Lucid stock slips as Musk ramps up criticism of Trump’s budget bill
Musk has continued to post comments on the X social media platform that are intensely critical of the budget bill favored by Trump and has indicated that he will help support primary challenges to officials who vote in favor of the legislation. In turn, Trump has said that he believes Musk’s recent criticisms stem from the lack of support for the EV industry in the bill. While Musk’s comments don’t necessarily signal any material headwind for Lucid, investors may be worried that Musk’s pivot to a less supportive stance on Trump’s policy agenda could result in softer support for the EV market.
What’s next for Lucid?
Lucid recently announced that it has signed a multiyear deal with Graphite One for U.S.-sourced graphite supplies. The move helps strengthen Lucid’s U.S.-based supply chains, but some big questions remain about how unfolding trade war dynamics could impact the company’s business. The EV specialist is still far away from achieving profitability, and it will need to dramatically expand its production and sales base in order to achieve a positive gross margin that is also strong enough to offset operating costs.
Lucid will likely continue to post large losses for the foreseeable future, but the company will likely continue to receive financial backing from Saudi Arabia’s Public Investment Fund — its majority stakeholder. On the other hand, retail investors have to be mindful about the risk that continued stock dilution poses.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
