Lucid stock drops after the EV maker produced 32% less vehicles in latest quarter than a year ago

Shares of Lucid Group Inc.
LCID,
-1.61%
dove 5.1% in premarket trading Tuesday after the electric vehicle maker said it produced 1,550 vehicles in the third-quarter, down 28.7% from the sequential second quarter and down 32.1% from the same period a year ago. The company said it also had over 700 vehicles in transit to Saudi Arabia for final assembly. The company delivered 1,457 vehicles during the quarter, up 3.8% from Q2 and up 4.2% from last year. The company is slated to report full third-quarter results on Nov. 7. The stock has dropped 24.9% over the past three months through Monday, while the Global X Autonomous & Electric Vehicles ETF
DRIV,
-0.95%
has shed 14.7% and the S&P 500
SPX,
-0.69%
has slipped 3.3%.