Lucid Group Inc. (LCID) shares plummeted 5.24% in after-hours trading on Tuesday following the release of the electric vehicle maker's fourth-quarter financial results.

The company reported a mixed quarter, with revenue of $522.7 million beating analyst estimates but an adjusted loss per share of $3.08, which was wider than the expected loss of $2.62. The larger-than-anticipated quarterly loss has put pressure on the company to curtail costs as it faces a challenging market for electric vehicles.

In connection with the earnings report, Lucid also announced it had laid off 12% of its U.S. workforce in an effort to reduce expenses. The company provided a 2026 production forecast of 25,000 to 27,000 vehicles and noted that this guidance does not account for any potential benefit from Tesla's decision to stop producing its Model S and X vehicles.