Lucid’s inventory dives towards one other file low after EV deliveries disappoint

The inventory
LCID,
-6.25%
sank 6.9% in noon buying and selling and was headed for a 3rd straight file low and tenth decline prior to now 11 periods. That 11-day selloff of 27% has slashed $2.7 billion off the corporate’s market capitalization.

The firm stated it produced 2,391 automobiles within the fourth quarter, up 54% from the third quarter however down about 32% from final 12 months.

For 2023, the corporate produced 8,428 automobiles. That was throughout the steerage vary Lucid supplied in November 2022 of 8,000 to eight,500, however down from steerage of greater than 10,000 supplied in August.

Read: Lucid’s inventory catches a downgrade as Needham frets about demand

The firm stated it’s going to report full fourth-quarter outcomes on Feb. 21. Analysts surveyed by FactSet anticipate per-share losses to widen to 31 cents from 28 cents the 12 months earlier than, whereas income is predicted to drop 26% to $189.9 million.

Lucid’s disappointing supply announcement comes after rental-car firm Hertz Global Holdings Inc.
HTZ,
-3.75%
stated it was promoting about one-third of the EVs in its fleet, as demand failed to fulfill provide.

Also learn: Hertz cites weak demand, excessive injury prices in determination to downsize EV fleet

Among different EV makers, shares of market chief Tesla Inc.
TSLA,
-3.22%
dropped 3.3% towards a two-month low. The inventory has tumbled 13.4% amid a 10-day stretch by which it fell 9 instances, shaving $111.7 billion off Tesla’s market cap throughout that stretch.

Elsewhere, Rivian Automotive Inc.’s inventory
RIVN,
-2.33%
slid 3.4% and Nikola Corp. shares
NKLA,
-4.12%
shed 4.4%

Meanwhile, the Global X Autonomous & Electric Vehicles exchange-traded fund
DRIV
gave up 1.2% and the S&P 500 index
SPX
fell 0.8% in noon buying and selling.