Lucid stock plunges after electric-vehicle maker cuts production guidance for the year

Shares of Lucid Group Inc.
LCID,
+4.21%
fell more than 10% in after-hours trading Wednesday after the electric-vehicle maker announced a reduction in its production forecast. Lucid said it now expects its 2022 production volume to hit 6,000 to 7,000 vehicles, after stating 12,000 to 14,000 vehicles in May. “Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered,” Chief Executive Peter Rawlinson said in a statement. “We’ve identified the primary bottlenecks, and we are taking appropriate measures – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization.” Lucid reported a second-quarter loss of $555.3 million, or 33 cents a share, on revenue of $97.3 million, after a loss of $1.17 a share on no revenue a year ago. Analysts on average were expecting a loss of 39 cents a share on sales of $145 million, according to FactSet. Lucid reported the delivery of 679 vehicles, up from 360 the quarter before, as the company continues to roll out early versions of its Lucid Air luxury sedan. Reservations for vehicles now top 37,000, up from 30,000 reported three months ago. Lucid’s stock closed Wednesday with a 4.2% gain at $20.56, and has declined 46.2% so far this year as the S&P 500 index
SPX,
+1.56%
has declined 14.2%.