Lucid Group (LCID.US) plunged over 16% after the electric vehicle producer reported weak quarterly results and issued lower production targets.
- Company reported a quarterly loss of 64 cents per share compared with Wall Street expectations of 25 cents loss. Revenue of $26.392 billion also missed market estimates of $36.7 million.
- Company lowered its production forecast for this year, to 12,000-14,000 from 20,000, due to "extraordinary supply chain and logistics challenges”.
- At the end of February, the company had reservations for more than 25,000 Lucid Air EVs. This is a significant improvement compared to 13,000 at the end of Q3 2021 and indicates that demand for company products is rising. Lucid produced 400 EVs and delivered 300 EVs, after starting deliveries in Q4 2021.
Lucid Group (LCID.US) stock launched today’s session with a bearish price gap and is currently approaching major support zone around $21.85 which is marked with lower limit of the 1:1 structure, previous price reactions and 78.6% Fibonacci retracement of the upward wave launched in January 2021. Source: xStation5
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