Lucid Group falls sharply after Q2 deliveries miss estimates
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Lucid Group (NASDAQ:LCID) swung lower in Wednesday morning trading after the electric vehicle maker announced Q2 production and delivery totals.
The company said it produced 2,173 vehicles out of its manufacturing facility in Arizona and delivered 1,404 vehicles during the same period compared to the consensus estimate of 1,873. Lucid Group (LCID) also noted that it began material shipments to the Kingdom of Saudi Arabia during the quarter.
Looking ahead, Lucid Group (LCID) will report full Q2 earnings on August 7. LCID is expected to report revenue of $233M and EPS of -$0.37. The electric vehicle startup has missed EPS estimates in five of the last seven quarters.
Shares of Lucid Group (LCID) were down 8.55% at 10:10 a.m. on volume above normal levels. Short interest on LCID stands at 19% of total float. The stock is about 11% below its 200-day moving average.
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