lucid air, lucid motors, startup

The US electric car manufacturer Lucid Motors has cut its production target for 2022 in half. Instead of the previously forecast 12,000 to 14,000 cars, Lucid now only expects to produce 6,000 to 7,000 vehicles this year.

The company writes this in its annual report for the second quarter. The reason given is “extraordinary challenges in the supply chain and logistics”. Already the range of 12,000 to 14,000 vehicles is below the original planning of 20,000 Lucid Air this year. The exact same reason was given when the production target was adjusted in March.

To reach the range of 6,000 to 7,000 vehicles, the company will have to significantly increase production in the remaining months of this year: Lucid produced 1,405 vehicles in the first half of the year, according to its quarterly report.

Pre-orders for the Lucid Air currently stand at more than 37,000, so even if Lucid can build the 7,000 vehicles this year, more than two-thirds of pre-orders are still open.

“We’ve identified the primary bottlenecks, and we are taking appropriate measures – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization,” says Peter Rawlinson, CEO and CTO of Lucid. “We continue to see strong demand for our vehicles, with over 37,000 customer reservations, and I remain confident that we shall overcome these near-term challenges.”

In the second quarter, Lucid’s revenue was $97.3 million. CFO Sherry House stated that Lucid had cash of $4.6 billion, which she said was sufficient “to fund the company well into 2023”.

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