US Stock Market News | Exceeding Expectations in the Third Quarter Revenue and Announcing the Issuance of Hundreds of Millions of Shares, Lucid Group Plunges Over 15%

On Thursday, Lucid Group opened significantly lower and maintained underwater fluctuations. As of the time of writing, it plummeted by over 15% to $2.77. On the news front, Lucid Group preliminarily estimated third-quarter revenue at $199-200 million, with analysts expecting $196.4 million; third-quarter car production at 1,805 vehicles, deliveries at 2,781 vehicles, with analysts expecting 2,334 vehicles; preliminary operating losses in the third quarter at $765,000-$790,000; Lucid will privately place 262.4 million shares; Saudi sovereign wealth fund PIF and Ayar (PIF's affiliated company Ayar Third Investment Company) will subscribe to 375 million shares in the private placement, with Ayar's stake expected to remain around 58.8%