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2023-02-24

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Lucid Stock Tumbles 15% After EV Maker’s Sales and Reservations Drop

Lucid guides for production of 10,000 to 14,000 EVs this yearLucid Group Inc. late Wednesday reporte

Lucid Stock Tumbles 15% After EV Maker’s Sales and Reservations Drop

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Saudi Arabia&#39;s sovereign-wealth fund has backed Lucid from its start.</p><p>In November, Lucid said it had more than 34,000 reservations for its Lucid Air, an all-electric luxury sedan. That was a drop from 37,000 reservations reported in August.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Lucid Stock Tumbles 15% After EV Maker’s Sales and Reservations Drop</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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Chief Executive Peter Rawlinson said in a statement.</p><p>Lucid said it produced 7,180 vehicles in 2022, topping its guidance for the year, and delivered 4,369 vehicles last year.</p><p>The company set a 2023 production guidance of between 10,000 and 14,000 vehicles.</p><p>Reservations hit more than 28,000 as of Wednesday, representing &#34;potential sales&#34; of more than $2.7 billion, the company said.</p><p>The reservation number does not include the up to 100,000 vehicles under Lucid&#39;s agreement with the government of Saudi Arabia announced last year. Saudi Arabia&#39;s sovereign-wealth fund has backed Lucid from its start.</p><p>In November, Lucid said it had more than 34,000 reservations for its Lucid Air, an all-electric luxury sedan. That was a drop from 37,000 reservations reported in August.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LCID":"Lucid Group Inc"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133798872","content_text":"Lucid guides for production of 10,000 to 14,000 EVs this yearLucid Group Inc. late Wednesday reported a narrower quarterly loss but sales came in below Wall Street's expectations and its order book shrunk, sending the stock about 15% lower in morning trading Thursday.Lucid (LCID) lost $473 million, or 28 cents a share, in the fourth quarter, compared with a loss of $1.05 billion, or 64 cents a share,  in the year-ago period.Revenue rose to $257.7 million from $26.4 million a year ago.FactSet consensus called for a loss of 41 cents a share on sales of $302.6 million.\"Last year was a challenging year for everyone, yet despite the extraordinary supply-chain and logistics challenges, the team persevered,\" Chief Executive Peter Rawlinson said in a statement.Lucid said it produced 7,180 vehicles in 2022, topping its guidance for the year, and delivered 4,369 vehicles last year.The company set a 2023 production guidance of between 10,000 and 14,000 vehicles.Reservations hit more than 28,000 as of Wednesday, representing \"potential sales\" of more than $2.7 billion, the company said.The reservation number does not include the up to 100,000 vehicles under Lucid's agreement with the government of Saudi Arabia announced last year. 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