Luxury electric car startup Lucid Motors has revised its annual production target again, reducing it to an expected production of 6,000-7,000 vehicles, the company announced today. That’s just a fraction of the 20,000 cars Lucid originally promised to deliver by 2022. Tesla’s rival has produced just 1,405 cars so far this year, making thousands of new cars available in four months.
The company says supply chain woes and a shortage of parts and raw materials are to blame for the slow production. In a conversation with investors, the CEO of the California-based company, Peter Rawlinson said it plans several structural changes to increase production. “Our revised manufacturing guidance reflects the particular supply chain and logistics challenges we have faced,” said Rawlinson. “We’ve identified the key bottlenecks and are taking the appropriate measures – bringing logistics operations in-house, adding key hires to the executive team and reorganizing the logistics and manufacturing organization.”
In addition to ongoing production struggles, the company was forced out this May to remember of all 2022 Air EVs due to wiring issues – more than 1,000 cars in total. Such challenges have not affected the demand for luxury vehicles. So far, 37,000 reservations have been made for Lucid Motor’s all-electric Lucid Air sedan, the company revealed. . Additionally, Lucid plans to sell more than 100,000 cars to the government of Saudi Arabia, which has been filled to the company and he owns 62 percent.
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