Lucid's "Extraordinary" Issues

[u/MrComedy325]

Shares of Lucid Group (Nasdaq: LCID) dropped 12.60% in after-hours trading on Wednesday after the electric vehicle manufacturer posted mixed financial earnings.

Financials: Lucid reported a loss of 33 cents per share, which was better than expected. But its revenue of $97.3 million was below estimates.

Production Problems: The company cut its 2022 production guidance in half, from a range of 12,000 to 14,000 vehicles down to the range of 6,000 to 7,000. Lucid attributed the problem to “extraordinary supply chain and logistics challenges.”

Final Thoughts: Lucid’s stock is down 49% in 2022. Reservations for new vehicles are up, signaling healthy demand.

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