Lucid Group (NASDAQ: LCID) reported its fourth-quarter results last night, and its shares are plunging this morning. The stock was near the morning lows, down 17% as of 10:17 a.m. ET. That's also more than 30% below where the stock traded less than a month ago.
Today's decline comes after the company disappointed investors with its most recent business update. The company produced nearly 3,500 of its luxury electric Air sedans in the fourth quarter to bring its full-year 2022 total to 7,180 vehicles. That beat its prior guidance, but there were also signs of trouble ahead.
Most notably perhaps was the continuing decline in the company's level of reservations. That continues a declining trend after its reservations peaked in August 2022.
Source Fool.com