lucid motors, ev production, electric vehicles

Lucid Motors has once again said that it would cease production this year after declaring a decrease in manufacturing targets in February.

Lucid Motors has Lowered Its 2022 Manufacturing Goal Again

For the second time this year, luxury electric car manufacturer Lucid Motors is cutting its production target for 2022. The firm, which has its headquarters in Newark, California, said it will now aim to produce 6,000-7,000 automobiles instead.

In February, Lucid lowered their initial forecast of 20,000 cars produced in 2022 to 12,000-14,000 vehicles. It was yet another setback for the EV manufacturer, which is desperately trying to take some of Tesla’s market share with its opulent, long-range Lucid Air car. In the most recent quarter, Lucid announced a 10% price increase for the only model it is currently producing.

According to Peter Rawlinson, CEO and CTO of Lucid, the unprecedented supply chain and logistical issues they faced are reflected in their updated production forecast.

“We have identified the main bottlenecks and are addressing them by reorganizing our logistics and manufacturing organization, bringing our logistics operations in-house, and adding essential recruits to the executive team,” he said.

With over 37,000 customer bookings for the company’s automobiles, they are still seeing strong demand, and the CEO is confident that they can get through these immediate challenges.

Lucid reported a $220 million loss on $97.3 million in sales in its second-quarter results, which were disclosed on Wednesday. Only 679 automobiles total, according to the corporation, were delivered to consumers in the last three months. Overall, Lucid reported a $4.8 billion loss for 2021. Last summer, the business went public via a combination with a SPAC or particular purpose acquisition company.

Automakers are Upset by Democrats’ Plan to Cut the Price of Electric Cars

Democrats’ ambitious proposal to lower the price of electric automobiles and hasten the switch from gas-powered vehicles is infuriating automakers.

Tax credits that decrease the price of electric vehicles by thousands of dollars are included in the Senate climate plan that might be voted on this week, but only for consumers who purchase from corporations that transfer their supply chains away from China and other nations without a free-trade deal. The EV battery business has restricted access to minerals and other resources.

Some automakers and trade groups say the proposal’s timelines are unrealistic. They want them extended despite political resistance. Some clean-vehicle supporters argue for looser laws to speed the adoption of electric cars, while others say the standards are required to stabilize a potentially unstable supply chain.

The conflict highlights the significant difficulty the United States confronts in trying to regain control of manufacturing lines at a crucial juncture in the energy transition.

Analysts expect the limitations will preclude most electric car purchasers from getting the $7,500 tax credit. Tesla, which moved supply chains to the U.S. years ago, is best-positioned. Toyota is significantly dependent on supplier networks that don’t fulfill climate law criteria. Neither firm commented.

However, Sen. Joe Manchin III (D-W.Va.), who negotiated the measure, championed tax credit limits. Manchin is skeptical about electric car subsidies because they are too pricey for middle- and low-income drivers. He’s also concerned about China’s manufacturing control.

In comments to reporters on Tuesday, Manchin seemed undeterred by the worries of the automakers.

TECH NEWS RELATED

The Dodge Hornet GT Makes 265 HP and Has an LSD

Only Dodge would put a limited-slip differential in its Toyota Rav4 competitor.

View more: The Dodge Hornet GT Makes 265 HP and Has an LSD

A Love Letter To A VAG's EA888

We believe that the Volkswagen Group’s venerable EA888 truly deserves a spot in the Internal Combustion Hall of Fame. And for good reason too – but more on that later. For starters (no pun intended), we need to dissect just what gives a specific motor the credentials needed to ...

View more: A Love Letter To A VAG's EA888

Dodge Creates Electrification Buzz With All-New Hornet PHEV

The Dodge Hornet GT is powered by a Hurricane4 2.0L turbocharged I-4, while the Hornet R/T runs on a 1.3L turbo-4 and 15.5-kWh lithium-ion battery.

View more: Dodge Creates Electrification Buzz With All-New Hornet PHEV

Locked Your Keys in the Car: Who Do You Call?

There may be nothing more stressful than realizing you locked your keys in the car. It puts a damper on even the happiest of times, especially if you’re driving to an important event. Thankfully, the following four services can unlock your car. Car key fob | Gado/Getty Images 1. Local ...

View more: Locked Your Keys in the Car: Who Do You Call?

Lyft, Motional Partnered to Bring All Electric Robotaxi Service in Las Vegas

Lyft, in partnership with an autonomous vehicle company, Motional, have officially launched a new robotaxi service for public use in Las Vegas, as per The Verge. The service is a preparation to a fully driverless system that is expected to launch in the city in 2023. Lyft and Motional made ...

View more: Lyft, Motional Partnered to Bring All Electric Robotaxi Service in Las Vegas

2023 Dodge Hornet: Performance-Oriented Small SUV Lands Under $30,000

The roster of small SUVs is rapidly expanding, but while most are designed to accommodate urban living or tight budgets, few are geared toward spirited driving — and even fewer combine performance leanings with an electrified powertrain. Enter the all-new 2023 Dodge Hornet, offering shoppers the choice of a ...

View more: 2023 Dodge Hornet: Performance-Oriented Small SUV Lands Under $30,000

3 Ways to Make 1,000+ Driftable Horsepower

Over the past 20 years, the motorsport of drifting has transformed from a niche sport originating in the mountain roads of Japan to being broadcast globally on TV and internet livestreams to the tune of tens of thousands of fans per event. One element that keeps drifting interesting is the ...

View more: 3 Ways to Make 1,000+ Driftable Horsepower

2023 Dodge Hornet Is Dawn of Brand's 'Electrified Performance' Era

Dodge is known for stuffing V-8s into everything, but now its transformation begins with a new performance-focused, plug-in-hybrid subcompact SUV.

View more: 2023 Dodge Hornet Is Dawn of Brand's 'Electrified Performance' Era

Here are Some Exotic Machines the New Z06 Can Outrun

2023 Corvette Z06 Exhaust Isn't Your Average Set of Pipes

Chevy Dealers Get Tricky With C8 Corvette Markups

2023 Dodge Hornet revealed with turbo, hybrid power and AWD

What’s That Buzz? 2023 Dodge Hornet takes wing later this year

Gallery: 2023 Dodge Hornet

The Dodge Hornet Brings Brand Back to Small Cars

Fresh blow for 2 Cheap Cars

2023 Dodge Hornet: A New PHEV Crossover is Born

2023 Dodge Hornet Totally Misses The Point Of Being A Compact CUV

Dodge Hornet GT GLH Concept Is A 1980s Homage With Upgraded Parts

2023 Dodge Hornet R/T PHEV Bows As Brand's First Electrified Model

OTHER TECH NEWS

Top Car News Car News