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Lucid Motors subpoenaed by the SEC. Shares plunge - CNN

Lucid Motors subpoenaed by the SEC. Shares plunge - CNN

Lucid Motors subpoenaed by the SEC. Shares plunge - CNN
Dec 06, 2021 37 secs

The deal was announced in February and shares started trading on Nasdaq in July.

Lucid, founded and headed by former Tesla engineer Peter Rawlinson, has been a relatively hot EV company, even though it just started its first delivery of electric vehicles at the end of October.

Its Lucid Air Dream edition has been certified by the EPA as being able to go 520 miles on a single charge, the longest range of any pure battery EV yet, including any Tesla.

And the Lucid Air was named the MotorTrend Car of the Year in October.

Shares of Lucid had nearly doubled since they started trading on the Nasdaq.

Lucid is the latest in a growing group of upstart EVs with big questions about financial projections.

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