Lucid Motors slashes EV production targets again as supply chain problems persist
By Editor - Wed Aug 03, 3:19 pm
EV automaker Lucid Motors slashed its annual production guidance in half on Wednesday due to what CEO and CTO Peter Rawlinson described as “extraordinary supply chain and logistics challenges.” Shares of Lucid fell more than 12% in after-market trading following the release of its second-quarter earnings, in which it provided the production guidance. Lucid lowered its production guidance from 12,000 to 14,000 vehicles to 6,000 and 7,000 vehicles for the year. That’s just a quarter of the 20,000 luxury Air sedans the company initially planned to produce n 2022. In February, Lucid adjusted that loftier goal down to 12,000 to 14,000 vehicles. Lucid doesn’t appear to have a demand problem. The company reported it has more than 37,000 reservations for its Air sedan, a 23% increase from just a few months ago. It has failed to capitalize on that demand, delivering just 679 vehicles in the second quarter.