Lucid Motors drops 19% ahead of the EV maker's first share lockup expiration since SPAC merger

• Lucid Motors tumbled as much as 19% on Wednesday as the share lockup period expired for some shareholders.
• It's the first day some of Lucid's biggest stakeholders can sell their stock since the company's SPAC merger in July.
• Lucid is trading roughly 30% lower than the close on its public debut day.

Lucid Motors fell as much as 19% on Wednesday, the first day of expiry for shareholder lockups. Some investors can now sell stock following the closure of the electric-vehicle maker's SPAC merger in July.

Many of the company's largest stakeholders - like affiliates of BlackRock, Fidelity Management and Research,
Franklin Templeton, and Neuberger Berman - were kept from from selling their shares before September 1.

Lucid Motors is setting up for its 14th straight day of declines. The electric vehicle company has fallen roughly 30% since going public through a SPAC merger with Churchill Capital in July.

Lucid is seen as a Tesla competitor with its high-end luxury electric vehicles, and CEO Peter Rawlinson told CNBC over the summer that his company is well positioned to compete with the undisputed leader.

The company's first car, the Lucid Air, is a luxury sedan that is projected to have a range of over 500 miles on a single charge. Lucid Motors restated on Tuesday that it is planning to begin customer delivers of the Lucid Air in 2021.