Lucid Motors says it plans to make fewer electric vehicles in 2022 than originally planned

Luxury electric vehicle maker Lucid Motors is cutting its production forecast for 2022, citing supply chain constraints. The Newark, Calif.-based company said it was revising its production forecast to 12,000 to 14,000 vehicles from the original forecast of 20,000 vehicles.

“This reflects the extraordinary supply chain and logistics challenges we have encountered and our consistent focus on delivering the highest quality products,” Lucid CEO Peter Rawlinson said in a statement. “We remain confident in our ability to seize the tremendous opportunities ahead given our technology leadership and strong demand for our cars.”

Shares of the company fell 14% in after-hours trading on the news. The company did not specify which supply issues were causing it problems. Lucid released its fourth quarter results on Monday, reporting a loss of $1 billion on revenue of $26.4 million. Overall, the company said it lost $4.8 billion in 2021. The company went public through a merger with a special purpose acquisition company, or SPAC, last summer.

Lucid also said the number of reservations for its Lucid Air luxury sedan is now over 25,000, reflecting $2.4 billion in potential sales. The company previously said it had received 20,000 bookings.

Lucid said it had made 400 vehicles as of Feb. 28, with 125 delivered to customers by the end of 2021. The company says it has made more than 300 deliveries so far, some of which have gone to executives and employees.

During a conference call with investors, Rawlinson also said the company would delay the launch of its Gravity SUV until the first half of 2024 to ensure the best possible production process.

Lucid enters what is arguably one of the most competitive segments of the electric vehicle market. The luxury electric vehicle segment is already teeming with Audi E-Tron and E-Tron GT, Jaguar I-Pace, Polestar 2, Porsche Taycan, Mercedes-Benz EQS, Cadillac Lyriq, BMW i4 and Lexus LF-Z, as well as the Tesla Model S Plaid, which began rolling out to customers last year.


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button