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LUCID GROUP, INC.

(LCID)
  Report
Real-time Estimate Cboe BZX  -  03:53 2022-10-04 pm EDT
15.34 USD   +8.84%
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Lucid Group Shares Drop 11% After Cutting 2022 Production Guidance

08/03/2022 | 05:10pm EDT

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

08-03-22 1709ET

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Analyst Recommendations on LUCID GROUP, INC.
More recommendations
Financials (USD)
Sales 2022 758 M - -
Net income 2022 -1 553 M - -
Net Debt 2022 765 M - -
P/E ratio 2022 -14,5x
Yield 2022 -
Capitalization 23 641 M 23 641 M -
EV / Sales 2022 32,2x
EV / Sales 2023 9,35x
Nbr of Employees 3 900
Free-Float 95,8%
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Technical analysis trends LUCID GROUP, INC.
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 14,09 $
Average target price 23,83 $
Spread / Average Target 69,2%
EPS Revisions
Managers and Directors
Peter Rawlinson Chief Executive, Technology Officer & Director
Sherry House Chief Financial & Accounting Officer
Andrew N. Liveris Chairman
Eric Bach Chief Engineer & Senior Vice President-Product
Sanjay Chandra Vice President-Information Technology
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