Lucid Group slides after full-year production guidance is slashed
Diego Thomazini

Lucid Group (NASDAQ:LCID) reported revenue of $97M in Q2 and deliveries of 679 vehicles.
The electric vehicle maker reported strong customer demand for Lucid Air, with a reservation count of over 37K. Those reservations represent potential sales of approximately $3.5B.
However, Lucid revised its 2022 production volume outlook to a range of 6K to 7K vehicles. Guidance earlier in the year was for production volume of 12K to 14K vehicles. The lowered guidance was due to "extraordinary" supply chain and logistics challenges. "We've identified the primary bottlenecks, and we are taking appropriate measures â bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization," stated CEO Peter Rawlinson.
 LCID ended the quarter with $4.6B in cash, which it believes is sufficient to fund the company well into 2023.
Shares of LCID fell 9.78% in after-hours trading to $18.55. The stock moved below its 50-day moving average and is also about 30% below the 200-day moving average.