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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