Is Lucid Group Stock a Buy Now?
Lucid Group's (NASDAQ: LCID) stock tumbled 13% during after-hours trading on Aug. 3 following its second-quarter earnings report. The luxury electric-vehicle (EV) maker generated $97.3 million in revenue, which represented a big jump from $174,000 a year ago (when it hadn't started shipping its vehicles) but broadly missed analysts' expectations by $59.8 million.
Lucid only delivered 679 vehicles during the quarter and produced 1,405 vehicles in the first half of 2022. It also halved its full-year production forecast from 12,000 to 14,000 EVs to 6,000 to 7,000. That marked the second time Lucid cut its production forecast; during its investor presentation in July 2021, it claimed it could deliver 20,000 vehicles in 2022.
The Lucid Air sedan. Image source: Lucid.
Source Fool.com
