| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Lucid Group, Inc. (NASDAQ:LCID) and Fisker have reportedly initiated recalls affecting thousands of newly produced electric vehicles due to concerns that could result in power loss.
Lucid Motors is recalling 2022 and 2023 model Lucid Air vehicles due to a safety mechanism prone to intermittent hardware connection faults, reported The Wall Street Journal.
This issue has led to power loss in vehicles during driving, as reported by regulators on July 1. The company issued an over-the-air update on June 24 to address the problem, the report added.
Fisker is recalling 2023 and 2024 Ocean vehicles due to a problem with the battery management systems.
The report read that the National Highway Traffic Safety Administration reported on July 2 that this issue could lead to failures of cabin electric water pumps.
Lucid Motors indicated that its recall affects over 5,200 vehicles, while Fisker estimates its recall will involve more than 7,500 vehicles, WSJ added.
Owners of the affected Lucid vehicles who have not yet updated their software to resolve the issue will receive notifications in August. They can contact customer service for assistance if needed.
Owners of impacted Fisker vehicles will receive replacement of their cabin electric water pumps with an enhanced coating at no charge. According to the report, Fisker has not received reports of any accidents or injuries related to the recall.
Fisker initiated the recall weeks after filing for bankruptcy, involving over 12,500 vehicles in North America and Europe due to issues with their outer door handles.
Meanwhile, Lucid has experienced a turnaround with increasing demand for EVs. The California-based startup reported a 70% increase in deliveries for the quarter ended June 30, following earlier price cuts on its Air sedan, the report added.
Price Action: LCID shares are trading lower by 1.09% to $3.126 at last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Read Next:
Posted In: LCID
