Lucid Group (LCID) shares took a dive in Monday trading after news that the electric 🥃vehicle (EV) company would be removed from the Nasdaq 100 Index. Shares of LCID will remain on the Nasdaq 100 until Dec. 18.

Nasdaq (NDAQ) announced the annual listing changes on Friday. Six companies were added to the Nasdaq 100 at the same time, including DoorDash (DASH), Splunk Inc. (SPLK), and Coca-Cola Europacific Partners PLC (CCEP). Besides Lucid, other companies among the six to be removed included eBay (EBAY) and Zoom (ZM).

To be sure, the shares of these companies will not be 澳洲幸运5官方开奖结果体彩网:delisted, meaning they will continue to trade on stock exchanges, but will merely not be included in the Nasdaq 100 index. That also means mutual funds and exchange traded funds that track t❀he index will rebalance their portfolios to trim positions in companies that are no longer in the index and build positions in thoseܫ that became a part of it.

The exclusion from the index is the latest blow in a tough year for ✤LCID stock, which is down more than 25% year-to-date. Early Monday afternoon, the stock was down more than 2.5%.

A month ago, shares slumped 10% o🍰n the back of a third-quarter earnings miss. Not only was revenue below expectations, but Lucid slashed its production guidance for the year by 15% to 20%. That's after the company 澳洲幸🦄运5官方开奖结果体彩网:failed ꦚto meet its delivery estimates in the third quarter as well as 澳洲幸运5官方开奖结果体彩网:the second period.

In October, it was reported that Lucid was losing $338,000 per car as sales estimates plummeted. Saudi Arabia, which holds a 60% stake in the EV maker, has seen its investment drop 90% in value over the past two years, according to news reports.

Correction—Dec. 13, 2023: This article has been updated to clarify what exclusion from the Nasdaq 100 index means and how it's different from delisting.