Lucid Group (NASDAQ: LCID) conducted a 1-for-10 reverse stock split to boost its share price and appeal to more investors. The EV maker’s stock was down over 31% this year prior to the split. Despite beating earnings estimates in the second quarter, Lucid cut its vehicle production guidance. The reverse split aims to attract a broader range of investors, but the EV industry faces challenges with the federal EV tax credit ending and a lack of charging stations. With Lucid’s high valuation and uncertain industry outlook, the reverse split may not be a catalyst for growth, making the stock unattractive at current levels.

Read more at Nasdaq: Lucid Group Just Executed a 1-for-10 Reverse Stock Split. Is This the Catalyst the EV Maker Has Been Waiting for?