Lucid Group Inc. LCID stocks are trending on Tuesday following the release of second-quarter revenues by the business.
Take A Look At how LCID stock is trading here
What Took Place: Lucid shares fell 8.26%, to $2.22 in after-hours trading on Tuesday after the electrical automobile (EV) maker reported second-quarter outcomes that missed out on expert expectations and decreased its production projection.
The California-based EV business reported second-quarter income of $259.4 million, disappointing expert price quotes of $296.24 million. Lucid likewise published an adjusted loss of 24 cents per share, larger than the anticipated 21-cent loss.
See Likewise: Rivian Vs. Lucid: EVs Forge Collaborations To Take On Tesla
Marc Winterhoff, interim CEO of Lucid, mentioned, “We had our 6th successive quarter of record shipments in Q2 and anticipate to continue this pattern as we increase Lucid Gravity production in the 2nd half of the year.”
Why It Matters: Regardless of the favorable shipment pattern, Lucid modified its full-year production outlook downward. Production and shipment figures revealed blended outcomes. The business produced 3,863 lorries and provided 3,309 lorries throughout the quarter.
The business now anticipates to produce in between 18,000 to 20,000 lorries in 2025, below its previous target of roughly 20,000 systems.
Trending Financial Investment Opportunities
The business keeps strong liquidity with roughly $4.86 billion in overall money since quarter-end.
Rate Action: According to Benzinga Pro information, Lucid stock closed up at 0.41% at $2.42 throughout routine trading hours on Tuesday. Its market price stands at $7.44 billion, with about 75.6 million shares traded today– listed below its typical everyday volume of 150.7 million.
Benzinga’s Edge Stock Rankings suggest LCID holds a Worth rating of 56.88. Here is how the stock fares on other criteria.
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Disclaimer: This material was partly produced with the aid of AI tools and was examined and released by Benzinga editors.