Lucid Group Inc. (NASDAQ:LCID) stock fell to an all-time low on Thursday. Here's what you need to know.
LCID Falls Amid Gravity Touring Rollout
Lucid revealed the Gravity Touring SUV on Thursday, launching it at $79,900 as a more affordable trim level in the Gravity lineup—the SUV slots beneath the Gravity Grand Touring trim, which starts at $94,900.
The Gravity Touring features NACS port capabilities, giving it access to Tesla Inc.'s (NASDAQ:TSLA) Supercharger network, and is powered by a 89kWh battery providing a range of 337 miles.
Earnings Miss
Lucid's third-quarter earnings painted a less-than-ideal picture for the automaker as it posted a revenue of $336.58 million, missing analyst revenue estimates of $379.11 million.
The company also announced organizational changes as the company's Senior Vice President of product and lead engineer, Eric Bach, departed from his role at the automaker.
Production Forecast Cuts, Equity Dilution Concerns
The company also announced it cut its production guidance for 2025 to a range of 18,000 to 20,000 from a firm 20,000 vehicles as it delivered 4,078 units during the third quarter and produced 3,891 units.
Analysts have also been wary of Equity dilution concerns as the automaker earlier shared that it was offering $875 million convertible senior notes due 2031, which was aimed at grappling with the company's near-term debt.
Lucid offers poor Momentum and has unfavorable price trends in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
Price Action: LCID recorded a sharp 6.01% decline to an all-time low of $11.72 at market close, but surged 0.68% to $11.80 during after-hours trading, according to Benzinga Pro data.
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