Recall Impact
Shares of Lucid Group, Inc. (NASDAQ: LCID) have been on a downtrend, dropping nearly 20% over the past five days. This decline comes as the company announced a recall affecting over 2,000 of its model Air 2022 and 2023 luxury electric sedans. The recall is due to potentially faulty high voltage coolant heaters (HVCH) responsible for supplying warm air to heat and defrosting systems. Lucid stated in the recall report filed with the National Highway Traffic Safety Administration on Jan. 10 that failure of the HVCH could restrict driver field of vision, posing an increased risk of a crash.
Production and Delivery Figures
In addition to the recall news, Lucid also divulged its fourth-quarter and full-year 2023 vehicle production and delivery figures. The company produced 2,391 vehicles in the fourth quarter and delivered 1,734 vehicles during the same period. Over the course of 2023, Lucid manufactured 8,428 vehicles and delivered 6,001 units.
Upcoming Financial Results
Despite these challenges, Lucid is scheduled to release its fourth-quarter 2023 financial results after the market close on Feb. 21. An earnings conference call will follow at 5:30 p.m. ET on the same day. According to estimates from Benzinga Pro, analysts anticipate a loss of 30 cents per share and quarterly revenue of $192.629 million.
Stock Performance
At the time of publication, Lucid shares are down 7.2% at $3.02, based on data from Benzinga Pro.
Image: Lucid Photo by Mike Mareen on Shutterstock