Shares of Lucid Group Inc. (LCID) experienced a slight decline of more than 2% in the extended session on Tuesday following the release of their mixed quarterly earnings report. Additionally, the company revised its production outlook for the year downward, aiming to produce between 8,000 and 8,500 vehicles.
Lowered Production Outlook
To ensure prudent allocation of resources, Lucid Group Inc. made the decision to adjust their production target for the year. Initially, they had set a goal of manufacturing over 10,000 vehicles.
Lucid Group Inc. reported a third-quarter loss of $631 million, equivalent to 28 cents per share, whereas during the same period last year, their loss stood at $530 million or 40 cents per share. Furthermore, their revenue decreased to $137.8 million from $195.5 million a year ago.
FactSet conducted a poll amongst analysts, who projected a loss of 36 cents per share for Lucid Group Inc., with sales reaching $185 million in the quarter. Although the company performed better than expected on the revenue front, it fell short in terms of earnings per share.
New Leadership Appointment
To ensure effective daily operations and execution across various departments, Lucid Group Inc. appointed Marc Winterhoff as their first Chief Operating Officer. Winterhoff will oversee critical areas such as global manufacturing, supply chain, sales and service, marketing, and international markets.
Overall, these developments caused shares of Lucid Group Inc. to close down by 4.3% at the end of the regular trading day.