Lucid Group, Inc. (NASDAQ:LCID) shares are trading lower Wednesday after the company reported worse-than-expected financial results.
What To Know: Lucid reported an adjusted loss of 24 cents per share, missing estimates for a loss of 21 cents. In addition, the company reported sales of $259.43 million, missing the consensus estimate of $296.24 million.
Lucid delivered 3,309 vehicles in the second quarter, marking a 38% increase year-over-year and its sixth consecutive quarter of record deliveries. The company produced 3,863 vehicles during the quarter and ended the period with approximately $4.86 billion in total liquidity.
Despite those gains, Lucid revised its full-year production outlook, lowering guidance to a range of 18,000 to 20,000 vehicles from its previous target of 20,000. Leadership said the change reflects a dynamic macroeconomic environment and an emphasis on disciplined cost management.
Executives also reaffirmed the company's focus on ramping up production of the Lucid Gravity SUV in the second half of the year.
LCID Price Action: At the time of publication, Lucid stock is trading 8.85% lower at $2.20, according to data from Benzinga Pro.
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