US electric car manufacturer Lucid provided a glimpse into its business development in the third quarter of the fiscal year 2023 on Tuesday. Investors were made to sit up and take notice: with a loss per share of only $0.28, the company was significantly below analysts' expectations. These had expected a loss of $0.362 per share on average. In the comparative period of the previous year, Lucid had still recorded a loss of $0.400 per share.

The company also missed experts' revenue forecasts. These had expected a value of 185.1 million US dollars, while Lucid was actually only able to generate 137.8 million US dollars. In the same period of the previous year, revenue had been at 195.5 million US dollars.

In response to these developments, Lucid has lowered its production forecast for the full year. Instead of the originally planned 10,000 vehicles, the company now only expects to produce between 8,000 and 8,500 vehicles. A cautious adjustment, it is said, to align production with current deliveries.

This means a disappointment for the investors, as already shown in pre-market trading on the NASDAQ. The stock of Tesla's competitor fell temporarily by 3.49 percent to 4.15 US dollars.

The market for electric vehicles is fiercely contested and even established companies like Tesla face challenges. The reduction in production forecasts and the missed expectations in the past quarter are a clear indication that the road to success for Lucid is not easy either. Nevertheless, the company remains confident and continues to bank on the growth market of electric mobility.