Lucid Group Inc (NASDAQ:LCID) shares fell nearly 4% after hours Tuesday following a third-quarter revenue miss and a reduction in production guidance.
The EV maker posted revenue of $137.8 million in the period, down 30% year-over-year and below Street expectations of $185.1 million.
Lucid reported a loss of $0.28 per share, compared to a $0.40 per share loss a year earlier and narrower than expectations of a $0.36 per share loss.
Concerningly, the company also slashed its EV production guidance for the year from 10,000 to a range of 8,000 to 8,500.
The decision to cut guidance was made in order "to prudently align with deliveries,” according to a statement.
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