"Tesla's opponent" lucid plunged...This year's electric vehicle production target was reduced by 40%

Lucid, an electric vehicle company called the "Tesla Counterpart," is plunging in overtime trading.

CNBC said on the 28th, "Since Lucid announced its poor performance in the fourth quarter, it has been falling nearly 14% in overtime trading," adding, "The lowering of this year's electric vehicle production target is also believed to have an impact."

Earlier, Lucid closed at $28.98, up 10% from the regular market, in anticipation of its fourth-quarter earnings announcement.

However, it was confirmed that investors' disappointing sales poured out as EPS and sales fell sharply below market expectations in the fourth quarter after the market closed. Lucid's EPS in the fourth quarter was -0.64, which was below expectation of $0.34, and sales were tallied at $26.39 million, far below Wall Street's forecast of $89.98 million.

Meanwhile, Lucid announced its fourth-quarter earnings and announced that it plans to cut its electric vehicle production target by 40% this year


$TSLA   $LCID