Why Is Lucid Stock Falling Overnight?
Lucid Group Inc. (NASDAQ:LCID) stocks are trending on Tuesday following the release of second-quarter earnings by the company.
Check out how LCID stock is trading here.
What Happened: Lucid shares fell 8.26%, to $2.22 in after-hours trading on Tuesday after the electric vehicle (EV) maker reported second-quarter results that missed analyst expectations and lowered its production forecast.
The California-based EV company reported second-quarter revenue of $259.4 million, falling short of analyst estimates of $296.24 million. Lucid also posted an adjusted loss of 24 cents per share, wider than the expected 21-cent loss.
See Also: Rivian Vs. Lucid: EVs Forge Partnerships To Tackle Tesla
Marc Winterhoff, interim CEO of Lucid, stated, “We had our sixth consecutive quarter of record deliveries in Q2 and expect to continue this trend as we ramp up Lucid Gravity production in the second half of the year.”
Why It Matters: Despite the positive delivery trend, Lucid revised its full-year production outlook downward. Production and delivery figures showed mixed results. The company produced 3,863 vehicles and delivered 3,309 vehicles during the quarter.
The company now expects to produce between 18,000 to 20,000 vehicles in 2025, down from its previous target of approximately 20,000 units.
The company maintains solid liquidity with approximately $4.86 billion in total cash as of quarter-end.
Price Action: According to Benzinga Pro data, Lucid stock closed up at 0.41% at $2.42 during regular trading hours on Tuesday. Its market value stands at $7.44 billion, with about 75.6 million shares traded today—below its average daily volume of 150.7 million.
Benzinga's Edge Stock Rankings indicate LCID holds a Value score of 56.88. Here is how the stock fares on other parameters.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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