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HomeMarketLucid trades down following 3Q miss; confirms revised production guidance By Investing.com

Lucid trades down following 3Q miss; confirms revised production guidance By Investing.com

© Reuters. Lucid (LCID) trades down following 3Q miss; Confirms revised production guidance
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By Michael Elkins 

Shares of Lucid Group (NASDAQ:) are down 7.78% in pre-market trading on Wednesday after the company reported a 3Q miss. The electric vehicle maker reported a 3Q of -$0.40, missing the consensus estimate of -$0.32 by $0.08. Revenue for the quarter came in at $195.5 million versus the consensus estimate of $210.69M.

On Oct. 12, Lucid said that it produced 2,282 vehicles and delivered 1,398 vehicles to customers in the third quarter. CFO Sherry House told CNBC in an interview that many of the remaining vehicles are in transit to customers, and that the company’s production totals may exceed deliveries for the next few quarters as it ramps up production.

The company also revealed plans to raise $1.5B from investors, including a significant new investment from Saudi Arabia’s public wealth fund, which currently owns about 60% of Lucid.

Lucid confirmed that it’s still on track to meet the revised production guidance it first gave in August, when it said that it expects to produce between 6,000 and 7,000 vehicles in 2022, despite ongoing supply-chain disruptions.

Story Credit: investing.com

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