EV - Is Lucid Stock a Buy After Falling 20% In a Week?

October, 13 2022 03:27 PM Eaton Vance Corporation

Lucid Group stock ( NASDAQ:LCID ) has fallen by more than 75% from its 52-week high and by 20% in the last week alone.

Lucid Group (LCID) recently reported third-quarter production numbers a nd provided an update on its full-year projection. And after lowering its expectations earlier this year, the premium electric vehicle (EV) manufacturer met its objectives.

Lucid Stock: Market Updates

Lucid produced 2,282 cars and delivered 1,398 to customers in the third quarter . This is more than three times the amount of automobiles manufactured by the firm in the second quarter. Lucid expects to build between 6,000 and 7,000 cars this year, which is consistent with the last projection company provided investors in August. Despite plans for further models in the future, all of these sales are of the company’s Air sedan, which was named Car of the Year by MotorTrend.

On the one side, Lucid successfully resumed manufacturing after a challenging second quarter. Another way to put it is that the firm built automobiles at an annualized rate of more than 9,000, which bodes well for the fourth quarter and beyond. And based on the current projection range, Lucid will need to ramp up production considerably more in the fourth quarter to a rang...

Click here to read the full article on PressReach.com .Subscribe to the PressReach RSS feeds:

Follow PressReach on Twitter
Follow PressReach on TikTok
Follow PressReach on Instagram
Subscribe to us on Youtube

Company Name:	Eaton Vance Corporation
Stock Symbol:	EV
Market:	NYSE