Lucid Stock Is Sliding Today: What's Going On?

Lucid Group Inc LCID shares are trading lower Thursday on the heels of the company’s quarterly results. Here’s what you need to know.

What To Know: Lucid reported fourth-quarter revenue of $157.2 million, which missed the consensus estimate of $179.88 million, according to Benzinga Pro. The electric vehicle company reported a quarterly loss of 29 cents per share, which beat analyst estimates for a loss of 32 cents per share.

Lucid said it produced 2,391 vehicles in the fourth quarter and delivered 1,734. The company had reported fourth-quarter production and delivery numbers in early January. Lucid ended the quarter with approximately $4.78 billion in total liquidity.

“Lucid is investing for the long term in technology, manufacturing and partnerships to further solidify our place in the market as the premier luxury EV brand in the world,” said Peter Rawlinson, CTO and CEO of Lucid.

Lucid issued full-year production guidance of approximately 9,000 vehicles. The company said it will continue to prudently manage and adjust production to meet sales and delivery needs.

Lucid noted that the start of production for its Gravity SUV remains on track for late 2024. The company also said the start of production for its high-volume midsize platform is scheduled for late 2026.

“As we start 2024, I'm very excited about the year ahead and beyond. We are entering the next transformational phase of the Lucid vehicle lineup and are laser-focused on growth,” Rawlinson said.

Following the company’s quarterly results, Cantor Fitzgerald analyst Andres Sheppard downgraded Lucid from Neutral to Underweight and lowered the price target from $6 to $4.

See Also: Elon Musk Says ‘Saudi Sugar Daddy’ Is Only Thing Keeping Lucid Alive, Warns Of Possible Rivian Bankruptcy Within 6 Quarters

LCID Price Action: Lucid shares were down 7.3% at $3.43 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Lucid.