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(Reuters) -Lucid Group Inc reported a bigger third-quarter loss on Tuesday, as the luxury electric vehicle maker struggled with rising costs to ramp up production.
The company’s shares, which have fallen 64% so far this year, lost about 4% in trading after the bell.
Supply chain snarls have crimped its production, forcing it to cut production forecast twice this year to between 6,000 and 7,000 units, down from 20,000 vehicles it had expected last year.
High prices for battery materials such as lithium, cobalt and nickel, exacerbated by the Russian invasion of Ukraine, have been eating into margins of electric vehicle makers, hurting their bottom line.
Lucid’s revenue rose to $195.5 million in the quarter ended Sept. 30 from $232,000 a year earlier.
The company’s net loss for the quarter ended Sept. 30 widened to $670.2 million, or 40 cents per share, from $524.4 million, or 43 cents per share, a year earlier.
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