(Reuters) – Electric vehicle maker Lucid Group expects a wider-than-expected third-quarter loss amid high costs and sluggish demand, sending its shares down 10% in aftermarket trading on Wednesday.
The company also announced a public offering of 262.4 million shares.
Lucid expects to report a loss from operations in the range of $765 million to $790 million for the quarter ended Sept. 30, compared with analysts’ average estimate of $751.65 million loss, according to data compiled by LSEG.
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Shreya Biswas)
