Here's Why Plug Power And FuelCell Shares Hit A New 52-Week Low Today

Plug Power Inc PLUG and FuelCell Energy Inc FCEL shares are trading lower Friday afternoon. Shares of several EV-related and clean energy manufacturing stocks are trading lower amid weakness in the space after Lucid Group Inc announced first-quarter production and delivery totals.

Plug Power builds an end-to-end green hydrogen ecosystem, including in the case of EVs—from production, storage and delivery to energy generation. 

FuelCell meanwhile designs, manufactures, sells, installs, operates and services fuel cell products.

Our Benzinga team reported earlier Friday Lucid produced 2,314 vehicles in the quarter, down from 3,493 units in the fourth quarter.

Deliveries also fell from 1,932 units in the fourth quarter of 2022 to 1,406 units in the first quarter of 2023.

Lucid is meanwhile targeting full-year vehicle production of 10,000 to 14,000 units for the full year.

See Also: Major Bank Profits Surge More Than Expected In Q1, Drawing Customer Deposits From Smaller Players

According to data from Benzinga Pro:

PLUG is trading lower by 4.34% to $8.90

FCEL is lower by 6.46% to $2.17

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