Shares of electric vehicle (EV) maker Lucid Group (LCID) fell roughly 10% on Wednesday, a day after the company reported less-than-impressive third-quarter re𓆏sults and cut its production guidance for the year.

Third-quarter revenue of $137.8 million came in nearly 30% below the same period a year ago. While the cost of revenue declined, operating expenses for both R&D and SG&A were up, leading to a net loss of $630.9 million or 28 cents a share for the quarter.

Lucid's pared-down guidance now pegs production for the year at 8,000-8,500 vehicles, down from a target of 10,000 that it reinforced at the end of the second quarter.

Vehicle deliveries of just 1,457 澳洲幸运5官方开奖结果体彩网:led LCID stock to 🅷new lowꦛs a few weeks ago when quarterly production numbers were initially announced. That continues a trend of disappointing delivery numbers for the luxury electric sedan manufacturer, which has consistently underperformed analyst expectations for production and 𒆙deliveries this year despite a backlog of vehicle reservations.

It isn't all bad news for Lucid. The company began production of two new car models in the third quarter, the lower-priced Lucid Air Pure Rear Wheel Drive as well as the Lucid Air Sapphire, the company's most powerful (and most expensive) offering. The company is also set to unveil Gravity—its new SUV offering—at the LA Auto Show on November 16.

"We've also made progress with the cost control program we implemented in the first half of the year and have identified further opportunities for 2024," Lucid CFO Sherry House said in the earnings release. "We ended the third quarter with approximately $5.45 billion in liquidity, which we expect to lead us to our next major milestone, Gravity production, and beyond, into 2025."

A new factory in Saudi Arabia, the country's first automotive plant, and new development at Lucid's Arizona plant should lead to greater efficiency as well as increasing production and delivery numbers in future quarters. Lucid has finalized the terms of its long-term 澳洲幸运5官方开奖结果体彩网:st꧃rategic tech agreement with Aston Martin, and inked an agreement to utilize Tesla's (TSLA) supercharger network.