Lucid sees 2023 EV production far below forecasts, shares drop 11%
Automotive Inc and Lucid to grab share in an industry competing for shrinking consumer wallets.
"There's probably a lot of frustration from customers having to wait so long for to get the vehicles they ordered," said Garrett Nelson, an analyst at CFRA Research. Lucid's revenue rose to $257.7 million in the quarter ended Dec. 31 from $26.4 million a year earlier. Analysts on average had expected sales of $302.6 million, according to IBES data from Refinitiv.
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