The luxury electric vehicle (EV) maker faces a lot of long-term challenges.

Lucid Group ( LCID -2.87% ) , a producer of luxury electric vehicles ( EVs ), went public by merging with a special purpose acquisition company ( SPAC ) in July 2021. It initially attracted a lot of attention because it was led by Peter Rawlinson, Tesla 's ( TSLA 6.18% ) former chief vehicle engineer who developed the Model S.

Lucid started delivering its Air sedan that October. A month later, its stock closed at its post-merger high of $57.75. At the time, the bulls believed it could evolve into the "next Tesla" and fulfill its goal of delivering 20,000 vehicles in 2022, 49,000 vehicles in 2023, and 90,000 vehicles in 2024.

But in reality, Lucid's vehicle deliveries only reached 4,369 in 2022

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