Lucid Group Inc LCID shares are trading lower Wednesday alongside several companies in the broader consumer discretionary space amid overall market weakness as investors digest the latest U.S. inflation data, which came in higher-than-expected.
The consumer price index increased 8.3% in April from the prior year, which was lower than the 8.5% increase in March. However, the number came in above the Dow Jones estimate of 8.1%. Although the CPI number was lower than it was in March, 8.3% is still near the highest levels in 40 years.
The core CPI number, which excludes energy and food costs, rose 6.2% in April, which was above estimates for a 6% increase. The Federal Reserve plans to continue to hike rates until inflation falls significantly. The Fed generally aims to maintain inflation around 2% per year.
Lucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and captivating luxury electric vehicles centered around the human experience.
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LCID Price Action: Lucid is making new 52-week lows on Wednesday.
According to data from Benzinga Pro, the stock was down 12.4% at $13.97 at press time.
Photo: courtesy of Lucid.
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