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Lucid cuts production goals and delays Gravity SUV, stocks fall

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Lucid cuts production goals and delays Gravity SUV, stocks fall:

Lucid Group Inc. slumped after lowering its production target for this year to between 12,000 and 14,000 cars, down from a previous goal of 20,000, citing “extraordinary” challenges with logistics and its supply chain.

Lucid tumbled 13% to $25.35 before the start of regular trading Tuesday in New York. The stock had dropped 24% this year through Monday. Rawlinson said in the statement that he expects the supply-chain issues to ease in the second half of this year and expressed confidence that Lucid is poised to capitalize on demand for its vehicles.

 

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