Shares of Lucid (LCID -8.26%) are falling on Tuesday, down 9.2% as of 2:33 p.m. ET. The drop comes as the S&P 500 (^GSPC -0.38%) and the Nasdaq Composite (^IXIC -0.67%) fell 0.5% and 0.7%, respectively.
The electric vehicle (EV) maker announced its delivery and production figures for the quarter ending Sept. 30.
Lucid's numbers disappoint
In a press release yesterday, Lucid said that it produced 3,891 vehicles, delivering 4,078 vehicles during its third quarter. The company also noted that these figures exclude more than 1,000 EVs en route to Saudi Arabia for final assembly.
The numbers are an improvement over last quarter -- the seventh reporting period in a row that it's managed to improve upon the last -- making this its best quarter yet. Despite this, Wall Street was looking for more, and Lucid's stock is falling as a result.
Image source: Getty Images.
Lucid is in hot water
Lucid shares may look cheap, and this might look like a great time to jump in and buy at a discount, but I think the trouble is far from over, and Lucid's shares could fall much further. I would stay away from Lucid stock; I don't have faith that the company can execute the turnaround it desperately needs.
