Lucid Group Inc (NASDAQ:LCID) shares fell early Thursday despite reporting an improvement in fourth-quarter deliveries following a tough year for the maker of high-end electric vehicles (EV).
Newark, California-based Lucid produced 2,391 vehicles during the quarter ended December 31, 2023. It delivered 1,734 vehicles during the same period, up from 1,457 in 3Q and ahead of the 1,696 pencilled in by Wall Street analysts.
On a full-year basis in 2023, the company produced 8,428 vehicles and delivered 6,001 vehicles.
With the release of its 3Q results in November, the EV maker slashed its production guidance for the year for a second time from 10,000 to a range of 8,000 to 8,500 in order "to prudently align with deliveries.”
It had previously expected to produce 10,000 to 14,000 vehicles, up from 7,180 in 2022.
The company reports its 4Q results on February 21.
Its shares were down 7.1% at $3.17 in late morning trade.