Lucid Group leads down day for EV stocks (NASDAQ:LCID)
Lucid Group (NASDAQ:LCID) declined by a double digit percentage on Thursday after a disappointing earnings print, putting pressure on many of its peers.
Shares of the Saudi-backed EV manufacturer slipped 12.23% on Thursday after the company targeted 2023 production in the range of 10K to 14K, which analysts cited as a particular disappointment. Bank of America pointed to the weak production outlook as a sign that supply chain issues still hang over the sector. That concern was exacerbated by the announcement of production issues at competitor Lordstown Motors (RIDE) -11.38%.
The signals of production problems at both automakers appeared to spark declines across the industry on Thursday. Notable decliners included Rivian Automotive (RIVN) -3.65%, Canoo (GOEV) -3.66%, Mullen Automotive (MULN) -6.57%, Fisker (FSR) -3.69%, LiveWire Group (LVWR) -3.76%, and Arrival SA (ARVL) -2.36%.
Elsewhere, General Motors (GM) will reportedly pause production at its Indiana plant due to lagging demand rather than supply problems. Shares of the Michigan-based auto manufacturer fell 3.69% shortly before Thursday’s close.
Read more on Thursday’s biggest decliners.