Lucid Group Inc., the electric vehicle (EV) maker, faced a decline in its shares as it presented mixed quarterly earnings and revised its production guidance for the year. According to MarketWatch, the company's shares dipped over 2% during the extended session on Tuesday.

To better align with deliveries, Lucid lowered its production outlook for the year to a range of 8,000 to 8,500 vehicles. In August, the company had initially projected producing more than 10,000 vehicles, indicating a significant reduction in its estimates. This adjustment aims to prudently manage operations and ensure efficient execution.

For the third quarter, Lucid reported a loss of $631 million, equivalent to 28 cents per share, compared to a loss of $530 million, or 40 cents per share, in the same period last year. The company's revenue also faced a decline, falling from $195.5 million to $137.8 million in the third quarter of this year.

Analysts surveyed by FactSet had anticipated a loss of 36 cents per share on sales of $185 million for the quarter, indicating that Lucid's performance fell below market expectations.

In an effort to strengthen its team and streamline operations, Lucid announced the appointment of Marc Winterhoff as the company's first Chief Operating Officer (COO). Winterhoff will oversee daily operations and execution across global manufacturing, supply chain, sales and service, marketing, and international markets. This strategic move aims to enhance efficiency and ensure seamless coordination within Lucid's various departments.

The decline in Lucid's shares was reflected in the regular trading day as well, with a closing drop of 4.3%. The mixed quarterly results and revised production outlook have triggered market concerns about the company's ability to meet its targets and compete in the increasingly competitive EV market.

Despite the challenges faced in the third quarter, Lucid remains committed to its mission of producing innovative and sustainable electric vehicles. The company will need to implement strategic measures to address the production and financial hurdles and regain investor confidence in the coming months.