Shares of Lucid Group (NASDAQ: LCID) crumbled this first day of March, plummeting as much as 19% within minutes of the market's opening. As of 11:40 a.m. ET today, the electric vehicle (EV) stock was trading down 16.5%. The jarring reaction was in response to Lucid's fourth-quarter numbers and 2022 outlook released on Monday, which evidently didn't just fall short of investors' expectations but came as a rude shock.
Lucid reported $26.4 million of revenue for the fourth quarter, its first such reported revenue as the company started deliveries of its first EVs only in late October.
More important than revenue was Lucid's progress on production and delivery. Unfortunately, the EV start-up seems to be missing its own estimates by a big margin.
Source Fool.com