The company is also testing ways around proposed Canadian rules on news links and faces antitrust scrutiny over mapping. Read More...
Reuters
Lucid sees disappointing 2023 EV production as orders drop amid weakening demand
Lucid Group Inc on Wednesday forecast 2023 production well short of analysts’ expectations and reported a major drop in orders during the fourth quarter amid weakening demand, sending the electric carmaker’s shares down 11% after hours. The Newark, California-based company, which was already battling supply chain and logistics issues and struggling to deliver cars, was hit by aggressive price cuts sparked by Tesla Inc that lured consumers away from its luxury cars amid rising interest rates and soaring inflation. “There’s a lot more competition than a year ago … a lot more EVs becoming available at lower price points than the Lucid Air vehicle,” said Garrett Nelson, an analyst at CFRA Research.
