During the extended session on Wednesday, shares of Lucid Group Inc. fell 12% after the company that makes electric vehicles said it expected bigger-than-expected operations losses and slightly higher monthly sales than expected.
Lucid LCID 0.31% told stock regulators on Wednesday that it thought its operating loss would be between $765 million and $790 million in the third quarter. What the analysts asked by FactSet think will happen is a loss of about $752 million.
Lucid predicted sales of between $199 million and $200 million, while FactSet thought they would make $196 million.
The EV maker said that as of September 30, it had about $5.16 billion in cash and other liquid assets, including about $4.027 million in cash and other liquid assets. Its third-quarter earnings report is due out on November 7.
Early in August, Lucid revealed that Saudi Arabia’s sovereign wealth fund would give the electric vehicle maker an extra $1.5 billion in cash. This was enough to keep the business going until the end of next year.
The deal helped Lucid with its cash flow and showed that Saudi Arabia wants the company to succeed in the long run. Lucid stock has dropped 22% this year, while the S&P 500 index SPX 0.47% has gone up about the same amount.
