Tesla stocks continue to drop and here's why. A special purpose acquisition company (SPAC), Churchill Capital Corp IV, introduced a new line of EV cars that rival the popular market choice of Tesla. Their new car called the Lucid Air, takes the lead in battery life over the renounced Tesla Model S. With Lucid's promotional materials, they already have reserved sales of 10,000 units with a gross amount of $900 million. That sales estimate was what Tesla intended to collect if there wasn't another competitor. Tesla already had rivals with Ford and GM in the electric car company market but now they are competing with Lucid. It's interesting to note that Lucid is also targeting the high-end EV car industry, which is where Tesla thrives. Lucid's "Air Dream Edition" is reported to have a MSRP of $162,000 which is tremendously high compared to GM and Ford's EV cars. Huge competition in the EV car industry rises and Tesla takes the bigger hit.
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