Lucid Group nasdaq Lcid Plummets to All time Low Amidst Production and Delivery Woes

Lucid Group (NASDAQ: LCID) Plummets to All-Time Low Amidst Production and Delivery Woes

Lucid Group (NASDAQ: LCID) stock plummets to an all-time low after its fourth-quarter vehicle deliveries narrowly beat analyst estimates.

Lucid Group (LCID) delivered 1,734 vehicles to customers in the last quarter of the year, outperforming the average Wall Street estimate of 1,696.

The luxury EV maker produced 2,391 Air sedans, marking a 32% decrease compared to the previous year. For the full year, the company reported the production of 8,428 electric vehicles (EVs) and the delivery of 6,001 units. In 2022, these figures stood at 7,180 and 4,369, respectively.

The recent production figures fell short of Lucid’s earlier estimates. Last February, the company had forecasted production in the range of 10,000 to 14,000 cars for 2023. But, as of September, the company confirmed it was on course to meet the lower end of that range, with a target of 10,000 vehicles.

The development comes shortly after Sherry House, the Chief Financial Officer (CFO) of Lucid Group, announced her resignation from the company. She stepped down to explore other career opportunities.

Lucid stock fell 4.39% to $3.26 on Thursday. The stock has decreased about 59% in the past year.