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Lucid Group Stock Plummets Amid Disappointing EV Sales Performance
Lucid Group Stock Plummets Amid Disappointing EV Sales Performance
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BTCCSquare news:
Lucid Group shares tumbled 9.7% as weak Gravity SUV sales dragged down quarterly results. The luxury EV Maker posted a $0.24 per-share loss on $259 million revenue - missing analyst estimates of $0.21 loss on $280 million sales.
CEO Marc Winterhoff acknowledged the shortfall but promised drastic sales improvements in H2 2023. The underperformance highlights growing challenges in the premium EV segment, where demand for both electric vehicles and luxury goods continues softening.
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