News

Lucid Group (LCID) cuts 2022 EV production target after delivering 679 cars in Q2 2022

Lucid Group (LCID) currently has more than 37,000 reservations for its Lucid Air electric vehicle.

August 4, 2022 8:50 AM

https://en.wikipedia.org/wiki/Lucid_Air

Yesterday, Lucid Group (LCID) reported its Q2 2022 earnings. It was here the electric vehicle maker revealed that it shipped just 679 cars in the second quarter of 2022, a far cry away from the 37,000 current reservations for its Lucid Air electric luxury sedan. The company also cut its 2022 delivery guidance from 12,000 to 14,000 vehicles in February to just 6,000, to 7,000 vehicles as of yesterday’s report.

A stock chart showing the drop of Lucid Group (LCID) shares on August 4, 2022. — Lucid's (LCID) stock dropped more than 12% per share in after-hours trading on August 3, 2022 after its Q2 2022 earnings report revealed only 679 Lucid Air electric vehicles shipped.
Source: Shacknews

The stunning reveal that Lucid Group was only able to ship 679 EVs was met with an expected reaction. Shares fell 12 percent in after-hours trading, and the company was in full damage control mode discussing how it plans to fix this problem moving forward. Peter Rawlinson, Lucid’s CEO and CTO, had this to say:

Lucid also pointed out that, while delivery of its Lucid Air electric vehicle had fallen well short of expectations, the company had $4.6 billion in cash, cash equivalents, and investments that it expected would fund the company well into 2023. Lucid’s stock also rebounded slightly in the early trading hours of Thursday. LCID opened at $18.03 per share but was trading at $18.50 per share just after 11 a.m. EDT Still, it’s safe to say there’s quite a bit of concern over the company’s current pace of delivering electric vehicles, and things could potentially get much worse if the company isn’t able to course correct.

For more information on gaming and technology companies reporting their quarterly earnings, be sure to visit our Stock Market and Market News topics. You’ll find breakouts from several companies reporting their quarterly earnings over the past few weeks.

Bill Lavoy

Managing Editor

Bill, who is also known as Rumpo, is a lifelong gamer and Toronto Maple Leafs fan. He made his mark early in his career through guide writing and a deep understanding of editorial SEO. He enjoys putting in the work to create a great content, be it a wild feature or grinding out an in-depth collectible guide. Tweet him @RumpoPlays if you have a question or comment about one of his articles.

Filed Under