Lucid Motors Reports Revenue Miss, Slashes Production Target; Shares Plunge

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Lucid Motors Reports Revenue Miss, Slashes Production Target; Shares Plunge

By Yasin Ebrahim 

Investing.com -- Lucid Motors fell sharply Wednesday after the electric automaker cut its full-year production target and reported mixed second-quarter results as revenue fell short of estimates.  

Lucid Group (NASDAQ: LCID ) fell more than 9% in afterhours trading following the report.

The EV maker reported second-quarter loss of 33 cents, narrower than estimates for a loss of 39 cents, but revenue of $97.34 million fell short of estimates for $145.49 million. 

The company more than halved its full-year production target to range of 6,000 to 7,000 vehicles from a range of 12,000 to 14,000 vehicles previously, flagging "extraordinary supply chain and logistics challenges."

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