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Lucid shares just slipped 15%: explore why

on Aug 3, 2022
  • Lucid reports lower-than-expected revenue for its fiscal second quarter.
  • The EV company cut its forecast for 2022 production volume in half.
  • Lucid shares are down nearly 15% in extended trading on Wednesday.

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Shares of Lucid Group Inc (NASDAQ: LCID) are down nearly 15% in extended trading on Wednesday after the electric vehicles manufacturer reported weaker-than-expected quarterly revenue and lowered its outlook for production volume.

Lucid Q2 financial highlights

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  • Lost 33 cents a share versus the year-ago $1.17 a share
  • Revenue jumped to $97.3 million, up from last year’s $174,000
  • Consensus was 39 cents of per-share loss on $145 million in revenue
  • Delivered 679 vehicles; a year-over-year increase of 89%
  • Ended the quarter with 37,000 reservations for its EVs

Lucid has a strong balance sheet

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Lucid had $4.60 billion in cash, equivalents, and investments at the end of its fiscal Q2 – sufficient to fund operations well into 2023. In the earnings press release, CFO Sherry House said:

Our Q2 revenue was primarily driven by higher customer deliveries of Lucid Air vehicles. Despite immediate challenges, we believe bringing our logistics centre on-site at our Arizona factory will help reduce complexity, cut down lead times, and reduce various costs.

Lucid shares are now down more than 50% from their year-to-date high.

Lucid shares hit on production outlook

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Lucid cut its forecast for production volume in half on Wednesday. It now expects to make 6,000 to 7,000 electric vehicles this year. Explaining why, CEO Peter Rawlinson wrote:

Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered. We’ve identified the primary bottlenecks and we’re taking appropriate measures – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organisation.

Wall Street currently rates Lucid shares at “overweight” with upside to $30 on average – a close to 70% upside from here.

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