Why Lucid Stock Is Falling Today

Lucid Group Inc LCID shares are trading lower Thursday after the company reported weak top line results and cut production guidance.

Lucid reported second-quarter revenue of $97.3 million, which missed the estimate of $145.49 million, according to data from Benzinga Pro. The EV company reported a quarterly earnings loss of 33 cents per share, which beat the estimate for a loss of 36 cents per share.

Lucid said it delivered 679 vehicles in the second quarter. The company ended the quarter with $4.6 billion in cash and equivalents, which is expected to fund the company well into 2023.

Related Link: Lucid Stock Slams The Brakes After Q2 Earnings: Revenue Miss, Slashed Production Guidance Sends Shares Lower

Lucid revised its 2022 production volume outlook to a range of 6,000 to 7,000 vehicles after delivering 1,405 vehicles in the first half of the year.

"Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered," said Peter Rawlinson, CEO and CTO of Lucid.

"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."

In connection with the company's earnings report, Lucid announced that it has appointed Steven David as senior vice president of operations. 

LCID Price Action: Lucid has a 52-week high of $47.59 and a 52-week low of $13.25.

The stock was down 13.4% at $17.80 at press time, according to data from Benzinga Pro.

Photo: courtesy of Lucid.