Morgan Stanley is skeptical of red-hot Lucid, says EV stock could fall 70%

Workers marry the body structure with the battery pack and the front and rear sub frames as they assemble electric vehicles at the Lucid Motors plant in Casa Grande, Arizona, September 28, 2021.
Caitlin O'Hara | Reuters

Investors may be getting ahead of themselves with the dramatic move for electric vehicle start-up Lucid, according to Morgan Stanley.