The post Lucid CFO steps down; is LCID going to zero? appeared on BitcoinEthereumNews.com.

This year, it appears that the luxury electric vehicle (EV) maker Lucid Motors (NASDAQ: LCID) can’t get a break from a deluge of bad news and unfavorable developments. The EV maker’s extensive business struggles are also well reflected on the stock market as the company’s shares are down as much as 53.39% since the time it conducted its initial public offering (IPO). Now, Lucid received yet another hit as Sherry House, the EV maker’s chief financial officer (CFO), handed in her resignation on December 11, 2023, according to an official announcement. While the resignation is effective immediately, the company stated that the former CFO will be available in an advisory role until December 31, 2023 – for another two weeks at the time of publication. Reportedly, House’s departure from the company is the result of the former CFO’s desire to pursue other, unspecified opportunities. Commenting on her departure and on Lucid, she stated: “I am confident in Lucid’s future and grateful to have had the opportunity to contribute to its success to-date. There is so much exciting innovation happening at Lucid, and I look forward to watching the company continue to grow and achieve new milestones. It was an honor to work with Peter and the Lucid team.” Investors quickly reacted to the news, and Lucid’s shares are down approximately 2% in the pre-market. A deluge of bad news for Lucid While the exact extent of influence recent developments have had on Ms. House’s decision to resign remains entirely speculative, it is clear that the company has been having an exceptionally bad year.  The overall slowdown in demand for EVs has been one of the main factors in the carmakers’ decline, which has already attempted to offset the unfavorable market conditions by implementing generous cashback on the purchase of new…

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Filed under: News - @ December 12, 2023 1:24 pm