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Lucid Motors Reports Revenue Miss, Slashes Production Target; Shares Plunge

·1 min read

By Yasin Ebrahim

Investing.com -- Lucid Motors fell sharply in post-trading Wednesday after the electric vehicle maker slashed its full-year production target and reported mixed second-quarter results as revenue fell short of estimates.

Lucid Group (NASDAQ:LCID) fell more than 9% in afterhours trading following the report.

The EV maker reported second-quarter loss of 33 cents, narrower than estimates for a loss of 39 cents, but revenue of $97.34 million fell short of estimates for $145.49 million.

The company halved its full-year production target to range of 6,000 to 7,000 vehicles from a range of 12,000 to 14,000 vehicles previously, flagging "extraordinary supply chain and logistics challenges."

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