As a result of supply chain issues, Lucid Motors, a luxury electric vehicle manufacturer, has lowered its production estimates for 2022. From an initial projection of 20,000 automobiles, the Newark, California-based firm said that it will reduce its manufacturing plans from 12,000.
As Lucid CEO Peter Rawlinson put it in a statement, “this shows the enormous supply chain and logistical hurdles we’ve experienced and our unwavering emphasis on providing the highest-quality goods.” There are “tremendous opportunities ahead,” and “we remain confidence in our capacity to take advantage of them,” he said.
Logistics and supply chain management issues”
A 14 percent drop in the company’s stock price occurred after the announcement. When asked what was causing its troubles, the corporation didn’t give an answer. On Monday, Lucid reported a loss of $1 billion on revenue of $26.4 million for the fourth quarter. The business reported a $4.8 billion loss for 2021. A special purpose acquisition company, or SPAC, merged with the corporation in the summer of 2013.
The luxurious Lucid Air vehicle currently has more than 25,000 bookings, which equates to $2.4 billion in potential sales, according to Lucid. At one point, they claimed to have taken in 20,000 bookings.
More than 125 cars were supplied to clients before the end of 2021 by Lucid as of February 28th. Over 300 deliveries have been made thus far, some of which have been to CEOs and staff, according to the business.
By postponing the debut of the Gravity SUV, Rawlinson indicated that he was able to assure a smoother production process for it.
When it comes to electric vehicles, there is little doubt that the segment Lucid is entering is one of the most competitive. With the likes of Audi E-Tron, Jaguar I-Pace, Polestar 2, Porsche Taycan, Mercedes EQS Cadillac Lyriq BMW i4, Lexus LF-Z Plaid, and Tesla Model S Plaid, the premium electric vehicle category is already crowded.