Shares of Lucid Group Inc. dropped in late trading after the company's premium electric vehicle (EV) bookings decreased and third-quarter sales and earnings fell short of expectations. As reported by the company, the total revenue and the net loss of Lucid Group Inc. increased significantly in the third quarter that ended September 2022 when compared to the previous quarters of 2022.
The loss for the automaker on November 8, 2022, was 40 cents per share. Shares of the company, which has its headquarters in Newark, California, were down 13% as of 5:23 p.m. in New York, having lost 65% of its value since the close on November 8, 2022.
The start of Lucid's year was hampered by supply-chain constraints and logistics issues, which forced the startup to lower its production target twice. On November 8, 2022, Lucid reiterated the previous target, claiming that it would be able to produce 6,000–7,000 EVs by the end of the year.
Lucid reported a decrease in reservations for its Air sedan, from 37,000 in the second quarter to 34,000, and said that it will begin receiving preorders for its delayed SUV in 2023. The company also announced on November 8, 2022, that it reached an agreement to sell up to $915 million in shares to a subsidiary of Saudi Arabia's investment fund and up to $600 million in shares via Bofa Securities Inc., Barclays Capital Inc., and Citigroup Global Markets Holdings Inc. Through its wealth fund, Saudi Arabia holds the majority of Lucid's shares.
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