EV maker Lucid sticks to annual production target

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Luxury electric vehicle maker Lucid Group sticks to its annual production target despite missing quarterly revenue estimates. The company's shares rise by about 4% in extended trading. Lucid's deliveries in the second quarter remain unchanged from the prior three months, while its production falls 6% from the first quarter.

stuck to its annual production target after it missed quarterly revenue estimates, sending its shares higher by about 4% in extended trading.

Tesla's price war and rising interest rates sent ripples through the EV industry, making it difficult for money-losing startups such as Lucid, which also face competition from traditional automakers launching electric models, to grab market share. Lucid reported revenue in the April-June period of $150.9 million, missing estimates of $175 million, according to seven analysts polled by Refinitiv.

The company had trimmed its 2023 production forecast in May and now expects to produce over 10,000, a projection it reiterated on Monday.

 

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