Lucid Group Shares Drop 11% After Cutting 2022 Production Guidance
August 03 2022 - 5:24PM
Dow Jones News
By Denny Jacob
Lucid Group Inc. shares dropped 11% to $18.33 in after-hours
trading Wednesday after the company cut its forecast for production
volume in 2022.
The electric vehicles manufacturer lowered its production volume
forecast to a range of 6,000 to 7,000 vehicles, down from its prior
guide of 12,000 to 14,000 vehicles.
Chief Executive Peter Rawlinson said the revised production
guidance reflects the "extraordinary supply chain and logistics
challenges we encountered."
The company also reported its second-quarter results after the
bell. Lucid narrowed its loss to 33 cents a share for the quarter
ended June 30 from a loss of $7.21 a share a year earlier.
Revenue soared to $97.3 million from $174,000. Analysts polled
by FactSet expected $145.5 million.
Finance Chief Sherry House said the revenue growth was driven
primarily by higher customer deliveries of Lucid Air vehicles.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
August 03, 2022 17:09 ET (21:09 GMT)
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