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

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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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.