Lucid Motors will make nearly no EVs this 12 months because it cuts manufacturing targets once more

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

Lucid initially said that in 2022 will produce 20,000 cars, but this figure was revised to 12,000-14,000 cars in February. It was another disappointing turn for the electric carmaker, which is desperate to take some of Tesla’s market share with its ultra-premium model. ultra-long-range Lucid Air sedan. Last quarter, Lucid announced a Price increase of 10 percent for one model it produces.

“Our revised manufacturing guidance reflects the particular supply chain and logistics challenges we’ve faced,” said Peter Rawlinson, Lucid’s CEO and CTO, in a statement. “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.” We continue to see strong demand for our vehicles with over 37,000 customer bookings and I am confident that we will overcome these near-term challenges.

Lucid reported its second-quarter earnings on Wednesday, reporting $220 million. USD 97.3 million in losses. The company said it delivered only 679 cars to customers in the last three months. Overall, Lucid said that in 2021 lost 4.8 billion USD. Last summer, the company merged with a special purpose acquisition company, SPAC.

Lucid also said reservations for the Lucid Air luxury sedan topped 37,000, representing $3.5 billion in sales. The company previously said it had received 24,000 reservations.

Lucid previously delayed the launch of its Gravity SUV until 2024. the first half of the year to ensure the best possible production process. The company is entering what is undoubtedly one of the most competitive segments of the electric car market, which is full of the likes of Audi E-tron and E-tron GT, Jaguar I-Pace, Polestar 2, Porsche Taycan, Mercedes-Benz EQS, Cadillac Lyriq, BMW i4, Lexus LF-Zand Tesla Model S Plaidwhich began to be provided to customers last year.

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