Lucid Group Inc (LCID) shares plummeted 6.61% in pre-market trading on Wednesday, following the release of disappointing second-quarter financial results and a reduced annual production forecast. The electric vehicle maker's performance fell short of analyst expectations, raising concerns about its near-term prospects in an increasingly competitive EV market.

Lucid reported second-quarter revenue of $259.4 million, missing analyst estimates of $294.4 million. The company's adjusted loss per share came in at $0.24, wider than the expected loss of $0.21 per share. Despite delivering a record 3,309 vehicles in the quarter, Lucid's financial performance failed to meet market expectations.

Adding to investor concerns, Lucid lowered its 2025 vehicle production forecast to a range of 18,000 to 20,000 vehicles, down from its previous target of approximately 20,000. The company cited challenges with Lucid Gravity production and the impact of tariffs as key factors affecting its performance. Lucid's executives revealed that tariffs negatively impacted gross margins by $54 million during the quarter, highlighting the ongoing challenges posed by global trade tensions in the automotive industry.