Lucid Recalls 5,200 Electric Vehicles Over Software Error

Lucid Group (LCID) is recalling 5,200 of its 2022-2023 Air luxury sedans due to a software error that can cause a loss of power.

The recall was ordered and announced by the U.S. National Highway Traffic Safety Administration, which regulates vehicles in America for safety.

The regulator added that Lucid is also recalling 7,500 of its 2022-2024 Air luxury sedans due to problems with a coolant heater that could fail to defrost the vehicle’s windshield.

Lucid had previously issued over-the-air software updates to fix the software error and coolant heater problem.

The company has also notified drivers of impacted vehicles about the safety risks and recall, according to the National Highway Traffic Safety Administration.

The stock of Lucid Group has declined 60% over the past 12 months due to ongoing production problems and weak sales at the electric vehicle start-up company.

Shares of Lucid now trade at $3.16 U.S., putting them in penny stock territory, defined as any security that trades for less than $5.

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