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 firstname.lastname@example.org
(END) Dow Jones Newswires