Lucid Group to recall over 200 cars due to possible safety issue

FILE PHOTO: A logo is seen on the wheel of a Lucid Air Dream Edition parked at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) began trading on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New York City, New York, U.S., July 26, 2021. REUTERS/Andrew Kelly

(Reuters) - Electric-vehicle maker Lucid Group said on Tuesday it would recall more than 200 of its premium sedans due to a possible safety issue, sending its shares down nearly 5%.

The California-based company said there was a chance that the front strut damper - a part used in the suspension - in its sedans was assembled improperly by its supplier.

Lucid is not aware of any instances of the part failing in its vehicles, but it expects about 1% of the 203 potentially affected cars may have the incorrectly installed part.

It started building a $169,000 variant of its electric sedan in September after struggling with delays caused by quality issues. The company has since delivered a small number of cars.

In recent weeks, Tesla Inc has filed recalls with the National Highway Traffic Safety Administration for issues related to its driver assistance system and other software issues.

(Reporting by Akash Sriram in Bengaluru; Editing by Aditya Soni)

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