Lucid Motors will barely make any EVs this 12 months because it slashes manufacturing targets once more

Luxurious electrical car maker Lucid Motors is slashing its manufacturing forecast for 2022 for the second time this 12 months. The Newark, California-based firm introduced it was revising its manufacturing expectations to between 6,000 and seven,000 automobiles.

Lucid initially mentioned it might make 20,000 automobiles in 2022, however that quantity was revised in February to 12,000–14,000 automobiles. It was one other disappointing flip for the EV maker, which is strongly angling to seize a few of Tesla’s market share with its ultra-premium, ultra-long-range Lucid Air sedan. Final quarter, Lucid introduced a 10 p.c value enhance for the only mannequin it has in manufacturing.

“Our revised manufacturing steerage displays the extraordinary provide chain and logistics challenges we encountered,” mentioned Peter Rawlinson, Lucid’s CEO and CTO, in an announcement. “We’ve recognized the first bottlenecks, and we’re taking acceptable measures – bringing our logistics operations in-house, including key hires to the manager workforce, and restructuring our logistics and manufacturing group. We proceed to see robust demand for our automobiles, with over 37,000 buyer reservations, and I stay assured that we will overcome these near-term challenges.”

Lucid launched its second quarter earnings Wednesday, reporting a $220 million loss on income of $97.3 million. The corporate mentioned it solely delivered 679 automobiles to prospects over the previous three months. Total, Lucid mentioned it misplaced $4.8 billion in 2021. The corporate went public by means of a merger with a particular objective acquisition firm, or SPAC, final summer time.

Lucid additionally mentioned the variety of reservations for its luxurious Lucid Air sedan now exceeded 37,000, reflecting $3.5 billion in potential gross sales. The corporate had beforehand mentioned it had acquired 24,000 reservations.

Lucid beforehand delayed the launch of its Gravity SUV till the primary half of 2024 as a way to guarantee the very best manufacturing course of. The corporate is getting into what’s arguably probably the most aggressive segments of the EV market, crowded with the likes of the Audi E-tron and E-tron GT, Jaguar I-Tempo, Polestar 2, Porsche Taycan, Mercedes-Benz EQS, Cadillac Lyriq, BMW i4, Lexus LF-Z, and Tesla Mannequin S Plaid, which began rolling out to prospects final 12 months.