After jumping by more than 20% over the last month, shares of Lucid Group (NASDAQ: LCID) plunged on Wednesday morning. The stock of the luxury electric vehicle (EV) maker skidded lower by as much as 10%, and remained down by 9.4% as of 10:18 a.m. ET. 

The reversal in momentum came after Lucid announced its second-quarter vehicle production and delivery results, and they were disappointing. The EV start-up said it delivered just over 1,400 vehicles when analysts on average expected deliveries to reach 2,000 units, according to FactSet Research Systems.

Lucid's deliveries almost exactly matched the level it shipped in the first quarter. The lack of sequential growth could have several causes, but investors may fear the worst: a lack of demand for its luxury electric sedan offerings. In the second quarter, Lucid produced less than 2,200 vehicles, which was even fewer than what it produced in the previous quarter. 

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Source Fool.com