Shares of EV maker Lucid slide after disclosing SEC subpoena

By MATT OTT
Associated Press

SILVER SPRING, Md. (AP) — Shares in the electric vehicle startup Lucid Group are tumbling after saying that it had been subpoenaed by regulators, apparently over the process by which it became a  publicly-traded company last summer. The California company said in a regulatory filing Monday that the investigation by Securities and Exchange Commission “appears to concern the business combination between the company and Atieva Inc. and certain projections and statements.” Lucid shares skidded 18% at the opening bell, dragging much of the EV sector down with it. Shares in Tesla, Nikola and Lordstown are all falling.