Lucid's stock dives toward another record low after EV deliveries disappoint

By Tomi Kilgore

Lucid's stock selloff is part of broad weakness in the EV space, as Tesla's stock drops for the ninth time in 10 sessions

Shares of Lucid Group Inc. fell deeper into record-low territory after the maker of luxury electric vehicles reported fourth-quarter deliveries that fell short of Wall Street expectations.

The California-based company said it delivered 1,734 EVs during the fourth quarter, up 19% from the third quarter but down 10% from the same period a year ago. That missed the FactSet deliveries consensus of 2,000 EVs.

The stock (LCID) sank 6.9% in midday trading and was headed for a third straight record low and 10th decline in the past 11 sessions. That 11-day selloff of 27% has slashed $2.7 billion off the company's market capitalization.

The company said it produced 2,391 vehicles in the fourth quarter, up 54% from the third quarter but down about 32% from last year.

For 2023, the company produced 8,428 vehicles. That was within the guidance range Lucid provided in November 2022 of 8,000 to 8,500, but down from guidance of more than 10,000 provided in August.

Read: Lucid's stock catches a downgrade as Needham frets about demand

The company said it will report full fourth-quarter results on Feb. 21. Analysts surveyed by FactSet expect per-share losses to widen to 31 cents from 28 cents the year before, while revenue is expected to drop 26% to $189.9 million.

Lucid's disappointing delivery announcement comes after rental-car company Hertz Global Holdings Inc. (HTZ) said it was selling about one-third of the EVs in its fleet, as demand failed to meet supply.

Also read: Hertz cites weak demand, high damage costs in decision to downsize EV fleet

Among other EV makers, shares of market leader Tesla Inc. (TSLA) dropped 3.3% toward a two-month low. The stock has tumbled 13.4% amid a 10-day stretch in which it fell nine times, shaving $111.7 billion off Tesla's market cap during that stretch.

Elsewhere, Rivian Automotive Inc.'s stock (RIVN) slid 3.4% and Nikola Corp. shares (NKLA) shed 4.4%

Meanwhile, the Global X Autonomous & Electric Vehicles exchange-traded fund DRIV gave up 1.2% and the S&P 500 index SPX fell 0.8% in midday trading.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

01-11-24 1143ET

Copyright (c) 2024 Dow Jones & Company, Inc.