Lucid Group's (LCID) stock plummets as third-quarter numbers, reservations fall short - Phoenix Business Journal

Lucid Group Inc. shares took a beating on Wall Street on Wednesday after the luxury electric carmaker’s third-quarter earnings report showed revenue fell short of estimates and reservations for new cars were on the decline.

Lucid’s stock moved lower as soon as the trading day started, and share price was down by more than 18% in midday trading to just over $11. The stock has been trending downward all year from a high of more than $42 in January.For its part, Lucid put a more positive spin on the production numbers, reporting that it tripled its output from the previous quarter at the Arizona factory and adding that it is on track to meet its target for the year.

The reduction could be related to issues at the Casa Grande facility, which sat idle for about two and a half weeks during the summer due to what Rawlinson at the time called"planned and unplanned" issues. The report said that the production timeline at the facility could also be affected by “significant challenges” Lucid is facing as it equips the factory and prepares to carry out its expansion plans. The challenges include supply chain disruptions and securing a workforce with the needed expertise.

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Electric vehicle maker Lucid reports third-quarter loss, confirms it's on track to meet production guidanceThe company said it's still on track to make between 6,000 and 7,000 of its luxury sedans this year. Making cars and actually selling them has been a cutthroat business and there is a reason only a few have made it to dominate the market. The idea that a startup has a shot is Redonkulous. Lucid will likely be bankrupt before the decade is over. Pro Tip: Sell Sell Sell
Source: CNBC - 🏆 12. / 72 Read more »