Lucid Group (NASDAQ: LCID) is facing challenges in the competitive electric vehicle market. Despite the attention for its Air sedan, the company’s stock has disappointed investors. Lucid recently raised $1.67 billion through a public offering and investment from Saudi Arabia’s PIF, but slow production and increasing losses are concerns.

Lucid’s third-quarter results showed production of 1,805 vehicles, generating $200 million in sales but also a net loss of $992 million. The company plans to produce just 9,000 vehicles in 2024, with concerns about its pricing strategy and widening losses. Operating losses increased to $770 million, despite cost-cutting measures.

Investors may want to reconsider investing in Lucid Group. The Motley Fool’s Stock Advisor team did not include Lucid in their list of 10 best stocks for potential high returns. The service offers guidance on building a successful portfolio and has outperformed the S&P 500 since 2002. Consider other investment opportunities for potential growth.

Read more at Nasdaq: Where Will Lucid Be in 1 Year?