Luxury electric vehicle maker Lucid Motors is cutting back its 2022 production forecast for second time this year. The Newark, California-based company Announced it was revising its production expectations to between 6,000 and 7,000 vehicles.
Lucid initially said it would make 20,000 vehicles in 2022, but that number was revised in February to 12,000-14,000 vehicles. It was another disappointing turn for the EV maker, which is desperately trying to capture some of Tesla’s market share with its ultra-premium, ultra-long-range Lucid Air sedan. Last quarter, Lucid announced a 10 percent price increase for the single model it has in production.
“Our revised production guidance reflects the extraordinary supply chain and logistics challenges we’ve faced,” said Peter Rawlinson, Lucid’s CEO and CTO, in a statement. “We have identified the key obstacles, and are taking appropriate steps – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization. Demand for our vehicles remains strong, with over 37,000 customer bookings, and I remain confident that we will overcome these short-term challenges.”
Lucid released its second-quarter earnings on Wednesday, reporting a loss of $220 million on revenue of $97.3 million. The company said it had only delivered 679 vehicles to customers in the past three months. Overall, Lucid said it lost $4.8 billion in 2021. The company went public through a merger with a special purpose acquisition company, or SPAC, last summer.
Lucid also said reservations for its Lucid Air luxury sedan have now surpassed 37,000, representing $3.5 billion in potential sales. The company previously said it had received 24,000 bookings.
Lucid previously delayed the launch of its Gravity SUV to the first half of 2024 to ensure the best possible production process. The company is entering one of the most competitive segments of the EV market, which can be occupied, filled with the likes of Audi E-tron and E-tron GT, Jaguar I-Pace, Polyester 2, Porsche Taycan, Mercedes-Benz EQS, Cadillac Lyriq, BMW i4, Lexus LF-Zand Tesla Model S Plaidwhich began rolling out to customers last year.