JannHuizenga
Lucid Group’s (NASDAQ:LCID) shares slipped 6% in premarket trading on Wednesday, weighed down by a weak quarterly print and trimmed production outlook, which offset a record quarter of deliveries.
The electric automaker now expects to produce 18,000–20,000 vehicles, from a prior guidance of 20,000 vehicles.
CFO Taoufiq Boussaid noted that the production outlook reflects the potential impact of continuously changing market environments and external factors.
Gross margin for the quarter was negative 105%, reflecting a $54 million impact from tariffs alone.
Looking forward, Lucid (NASDAQ:LCID) said that the company was navigating an environment that remains volatile and uneven.
It flagged earlier this year the potential impact of tariff-related margin headwinds in the range of 8% to 15%.
Boussaid said Tuesday that the tariff impact on a full-year basis will be on the lower end of what it has provided as the company implements localized sourcing and vertical integration to mitigate supply chain risks.
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