Lucid Group Inc
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Consumer Discretionary : Automobiles | Mid Cap Value
Company profile

Lucid Group, Inc. is an automotive company, which is focused on designing, developing, manufacturing and selling of electric vehicle (EV), EV powertrains and battery systems in-house using its own equipment and factory. The Company offers at its own geographically distributed retail and service locations and through direct-to-consumer online and retail sales. It also boasts a product roadmap of future vehicle programs and technologies. The Company's focus on in-house technological innovation, vertical integration, and a clean-sheet approach to engineering and design has led to the development of its groundbreaking electric vehicle, the Lucid Air. The Lucid Air is a fully electric sedan that targets post-luxury consumers. The Lucid Air is manufactured at its greenfield electric vehicle manufacturing facility in Casa Grande, Arizona, Advanced Manufacturing Plant-1. It sells vehicles directly to consumers through its retail sales network and through direct online sales.

Closing Price
Day's Change
-0.31 (-3.06%)
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Lucid stock plunges after electric-vehicle maker cuts production guidance for the year

4:20 pm ET August 3, 2022 (MarketWatch)

Shares of Lucid Group Inc. (LCID) fell more than 10% in after-hours trading Wednesday after the electric-vehicle maker announced a reduction in its production forecast. Lucid said it now expects its 2022 production volume to hit 6,000 to 7,000 vehicles, after stating 12,000 to 14,000 vehicles in May. "Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered," Chief Executive Peter Rawlinson said in a statement. "We've identified the primary bottlenecks, and we are taking appropriate measures - bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization." Lucid reported a second-quarter loss of $555.3 million, or 33 cents a share, on revenue of $97.3 million, after a loss of $1.17 a share on no revenue a year ago. Analysts on average were expecting a loss of 39 cents a share on sales of $145 million, according to FactSet. Lucid reported the delivery of 679 vehicles, up from 360 the quarter before, as the company continues to roll out early versions of its Lucid Air luxury sedan. Reservations for vehicles now top 37,000, up from 30,000 reported three months ago. Lucid's stock closed Wednesday with a 4.2% gain at $20.56, and has declined 46.2% so far this year as the S&P 500 index has declined 14.2%.

-Jeremy C. Owens


(END) Dow Jones Newswires

August 03, 2022 16:20 ET (20:20 GMT)

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