On December 3, 2021, the Securities and Exchange Commission (SEC) issued California-based electric vehicle firm Lucid Group Inc. (LCID) a subpoena “requesting the production of certain documents related to an investigation by the SEC.” Pre-market today, LCID shares tumbled 16.54%.
SEC Investigation
While no assurance to the size or outcome of this investigation has been given, the inquiry seems to focus on Lucid Group and Atieva, Inc. regarding “certain projections and statements.”
Lucid Motors Falls Short of Project Vehicle Deliveries
Lucid Group, Inc. has been dealing with several investor lawsuits of late. The class-action lawsuits are mainly in regard to a notable shortfall in the number of electric vehicles the company has been able to deliver so far this year compared to prior delivery estimates.
Business Combination
The SEC investigation, which “appears to concern the business combination between" Lucid Group (f/k/a Churchill Capital Corp. IV) and Atieva, Inc., is ongoing. Lucid Group Inc. is cooperating in full with the Securities and Exchange Commission.
