Electric vehicle start-up Lucid Group (NASDAQ: LCID) failed to impress in its most recent quarter and gave disappointing guidance about the year ahead. Investors are headed for the exit ramp, sending Lucid shares down 20% as of 10:45 a.m. ET.

Lucid is one of a number of young electric vehicle companies trying to replicate the success of . The company's first car, the Air luxury sedan, is in production in Arizona and Saudi Arabia.

The company lost $0.29 per share in the fourth quarter, a penny better than what Wall Street had expected, but revenue of $157.2 million was well below the $180 million consensus. Lucid delivered 1,734 vehicles in the fourth quarter and 6,001 in all of 2023, with the full-year number up 37% from 2022.

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Source Fool.com