Why Lucid Stock Is Tanking Today
Wednesday's proving a tough day for most electric vehicle (EV) stocks. Lucid Group (NASDAQ: LCID) is no exception. Shares of the luxury EV maker are down 9.9% as of 1:39 p.m. ET following Tuesday's post-close release of its third-quarter numbers and disappointing fourth-quarter production guidance.
The good news is, Lucid lost less money last quarter than analysts has been anticipating. The consensus called for a per-share loss of $0.36, but the company only lost $0.28 per share. The bad news is, revenue of $137.8 million was not only down year over year, but also fell short of analysts' estimates of $185.1 million.
The bulk of Wednesday's big blow, however, is arguably provided by the company's production outlook for the quarter now underway. Lucid now expects to only manufacture between 8,000 and 8,500 automobiles in 2023 versus a previous expectation of more than 10,000. It built 1,550 cars last quarter, delivering 1,457 of them. Although deliveries improved from the second quarter's pace of 1,404, production slipped from Q2's pace of 2,173 EVs. The company made and delivered 2,314 and 1,406 cars, respectively, during the first quarter of 2023.
Source Fool.com
