Tuesday, August 16, 2022

Lucid Motors will hardly make EVs this year as it cuts production targets again

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Luxury electric vehicle maker Lucid Motors is slashing its 2022 production forecast for the second time this year. The Newark, California-based company announced it revised its production expectations to between 6,000 and 7,000 vehicles.

Lucid originally said it would make 20,000 vehicles by 2022, but that number was revised to 12,000-14,000 vehicles in February. It was another disappointing turn for the EV maker, which is strongly aiming to capture some of Tesla’s market share with its ultra-premium, ultra-long-haul Lucid Air sedan. Last quarter, Lucid announced a 10 percent price increase for the single model it has in production.

“Our revised manufacturing guidelines reflect the extraordinary supply chain and logistics challenges we have faced,” said Peter Rawlinson, CEO and CTO of Lucid, in a statement. “We have identified the most important bottlenecks and are taking appropriate measures: we are bringing our logistics operations under our own management, adding key employees to the management team and restructuring our logistics and production organisation. We continue to see strong demand for our vehicles, with over 37,000 customer reservations, and I remain confident that we will overcome these challenges in the near term.”

Lucid announced its second quarter results on Wednesday, reporting a loss of $220 million on revenue of $97.3 million. The company said it has delivered just 679 vehicles to customers in the past three months. In total, Lucid said it lost $4.8 billion in 2021. The company went public last summer through a merger with a special purpose company, or SPAC.

Lucid also said the number of reservations for its luxury Lucid Air sedan now exceeds 37,000, equating to $3.5 billion in potential sales. The company had previously said it had received 24,000 reservations.

Lucid previously delayed the launch of its Gravity SUV to the first half of 2024 to ensure the best possible manufacturing process. The company is entering what is arguably one of the most competitive segments of the EV market, packed with the likes of the Audi E-tron and E-tron GT, Jaguar I-Pace, Polestar 2, Porsche Taycan, Mercedes-Benz EQS, Cadillac Lyriq, BMW i4, Lexus LF-Z and Tesla Model S Plaid, which became available to customers last year.

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