Lucid Group Inc. faced a 7% stock drop following poor earnings, with shares hitting a low of $2.25. The company revised its production estimate to 18,000-20,000 units for the year. Reports indicated an adjusted loss of $0.24 per share and $259 million in revenue, both missing Wall Street predictions. Lucid’s sales figures reveal just 3,309 vehicle deliveries during the quarter. The company's strategy to sell high-priced sedans also drew criticism, as the market trends suggest lower pricing for American EV sedans.
Lucid Group Inc. stock collapsed 7% after hours when it announced terrible earnings, bottoming out at $2.25, a significant decline from July's high of $3.15.
Lucid cut back its production forecast for the year to 18,000-20,000 units, down from an earlier estimate of 20,000, signaling cautious management.
The company posted an adjusted loss of $0.24 per share, falling short of Wall Street's expectation of $0.21, while revenue reached $259 million against a $280 million forecast.
Lucid's decision to sell a sedan starting at $70,990, with options reaching $249,000, was damaging, as research suggests American EV sedans are typically priced below $30,000.
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