Lucid Stock Skids After Q2 Misses In Year Of 'Unprecedented Number Of Surprises'

Lucid Group, Inc. (NASDAQ:LCID) stock slid sharply on Wednesday after the company's second-quarter earnings missed expectations and the company trimmed its annual vehicle production outlook. 

• Take a look at LCID stock price action and chart here. 

What To Know: Despite operational milestones like the successful launch of the Gravity SUV, a partnership with Uber on autonomous vehicles and celebrity endorsements, Lucid's financial fundamentals stole the spotlight. 

The electric vehicle maker reported quarterly revenue of $259.4 million and adjusted losses of 24 cents per share, with both figures missing analyst forecasts.

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Lucid's gross margin for the quarter remained deeply negative at -105%, and the company ​​lost more than $82,000 on each vehicle sold.

CFO Taoufiq Boussaid told analysts on the company's earnings call that tariffs alone accounted for a $54 million negative impact, resulting in a 21 percentage point decrease in gross margin. 

Lucid's interim CEO Marc Winterhoff spoke to supply chain snags and the rapidly shifting landscape of the global EV market on the earnings call. 

"Despite ongoing challenges facing the [EV] sector, particularly in supply chain, we maintained positive momentum and continued progressing towards our volume targets," the CEO said. 

However, the luxury EV maker trimmed its annual vehicle production outlook from 20,000 units to a range of between 18,000 and 20,000 units. 

"This year has brought an unprecedented number of surprises. While our plans remain aligned with our previous objectives, we want to exercise a bit more caution and, thus, provide a range," Winterhoff said regarding the new production forecast. 

The CEO attempted to project an ambitious outlook for Lucid as it pushes "the boundaries of what EVs can be.”

However, Winterhoff told CNBC on Wednesday that tariffs, trade policies and the end of EV tax incentives are uncertainties that "keeps us up at night." 

LCID Stock Price: Lucid shares were down 9.65% at $2.20 on Wednesday, according to data from Benzinga Pro.

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