Lucid Group Inc (NASDAQ:LCID) is trading lower Tuesday after the company announced worse-than-expected fourth-quarter revenue results and cut production guidance.
Lucid reported quarterly revenue of $26.4 million, which came in below the estimate of $36.74 million.
Customer reservations grew to over 25,000, representing more than $2.4 billion in potential sales. Lucid said it produced 400 vehicles and delivered about 300 of them as of Feb. 28.
Lucid updated its 2022 production outlook to a range of 12,000 to 14,000 vehicles.
"This reflects the extraordinary supply chain and logistics challenges we've encountered and our unrelenting focus on delivering the highest-quality products. We remain confident in our ability to capture the tremendous opportunities ahead given our technology leadership and strong demand for our cars," said Peter Rawlinson, CEO of Lucid Motors.
Lucid also announced plans to build a new manufacturing facility in Saudi Arabia.
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LCID Price Action: Lucid has traded as low as $16.12 and as high as $57.75 over a 52-week period.
The stock was down 11.7% at $25.60 Tuesday morning.
Photo: courtesy of Lucid.
