Shares fall flat after electrical automobile maker cuts manufacturing steering for the 12 months

Shares of Lucid Group Inc. LCID,
fell more than 10% in after-hours trading on Wednesday after the electric vehicle maker announced a reduction in its production forecast. Lucid said it now expects its 2022 production numbers to reach between 6,000 and 7,000 vehicles, after citing 12,000 to 14,000 vehicles in May. “Our revised production guidance reflects the extraordinary supply chain and logistics challenges we have faced,” CEO Peter Rawlinson said in a statement. “We have identified the key obstacles, and are taking appropriate steps – 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 any revenue a year ago. Analysts on average had expected a loss of 39 cents a share on sales of $145 million, according to FactSet. Lucid reported deliveries of 679 vehicles, up from 360 in the previous quarter, as the company continues to roll out early versions of its Lucid Air luxury sedan. Bookings for vehicles are now over 37,000, up from 30,000 reported three months ago. Lucid stock closed Wednesday with a 4.2% gain at $20.56, and is down 46.2% so far this year as the S&P 500 SPX index,
there is a decrease of 14.2%.

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