(Bloomberg) -- Lucid Group Inc. reported worse-than-expected sales and earnings as the maker of luxury electric vehicles struggles to regain its footing after a difficult first half of the year.
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The Newark, California-based company recorded a loss of 40 cents a share in the third quarter, according to a statement Tuesday, compared with analysts’ average estimate of a 31-cent loss. Revenue was $195.5 million, below the $204 million consensus compiled by Bloomberg.
Supply-chain snags and logistics problems marred the beginning of Lucid’s year, leading the startup to revise down its production target twice. Lucid reaffirmed the lowered goal Tuesday, saying it still expects to be able to make between 6,000 and 7,000 vehicles by year’s end.
Lucid exited the third quarter with $3.85 billion in cash, equivalents and investments, down from $4.6 billion at the end of the prior quarter.
The shares fell 2.9% as of 4:24 p.m. after regular trading in New York.
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