: Lucid cuts production guidance, quarterly revenue falls

Shares of Lucid Group Inc. LCID dropped more than 2% in the extended session Tuesday after the EV maker posted mixed quarterly earnings and lowered its production outlook for the year to between 8,000 and 8,500 vehicles “to prudently align with deliveries.” Lucid in August had kept its production guidance at more than 10,000 vehicles. Lucid lost $631 million, or 28 cents a share, in the third quarter, compared with a loss of $530 million, or 40 cents a share, in the year-ago period. Lucid’s revenue fell to $137.8 million, from $195.5 million a year ago. Analysts polled by FactSet expected Lucid to report a loss of 36 cents a share on sales of $185 million in the quarter. The company said it appointed Marc Winterhoff as its first chief operating officer, “overseeing daily operations and execution across global manufacturing, supply chain, sales and service, marketing, and international markets.” Shares of Lucid ended the regular trading day down 4.3%.

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