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Lucid Group Inc LCID shares are trading lower by 3.61% to $15.36 during Tuesday’s trading session. The company is trading lower in sympathy with the broader market as major indexes are lower as yields rise ahead of this week’s Fed decision.
Lucid shares may also be trading lower after Ford said it expects Q3 inflation-related Q3 supply costs to be $1 billion above what was initially expected, which has added to inflation concerns in the US economy. The news could be impacting the broader automobile sector during Tuesday’s session.
What Happened?
Ford says the company expects to have about 40,000 to 45,000 vehicles in inventory at end of third quarter lacking certain parts presently in short supply
- Ford says “vehicles on wheels” awaiting those parts disproportionately include high-demand, high-margin models of popular trucks and SUVs
- The company notes that completing such vehicles will shift some revenue and EBIT to fourth-quarter; based on recent negotiations, inflation-related third-quarter supply costs will be ~$1.0 billion above plan
- According to Ford, based on recent negotiations, inflation-related supplier costs during the third quarter will run about $1.0 billion higher than originally expected. Ford now anticipates third-quarter adjusted EBIT to be in the range of $1.4 billion and $1.7 billion.
See Also: So Does Elon Musk’s Tesla Or Lucid Make The Cooler-Looking Electric Vehicle?
According to data from Benzinga Pro, Lucid Group has a 52-week high of $57.75 and a 52-week low of $13.25.
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Image and article originally from www.benzinga.com. Read the original article here.