Lucid Group withdraws full-year production guidance following a Gravity SUV recall and a larger first-quarter net loss.
Lucid Group has suspended its 2024 production guidance after a rear-seat defect triggered a recall of its Gravity SUV, delaying deliveries. The company also reported a widening first-quarter net loss, prompting the decision to update forecasts at the end of Q2.
Earlier production hiccups, including supplier issues, had already slowed progress. While such challenges are common for young automakers, the latest setback adds to investor concerns over execution and timeline stability.
The company acknowledged ongoing speed bumps but did not provide revised production targets, leaving near-term output expectations uncertain.