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Lucid Motors will barely make any EVs this season since it slashes production goals again

Luxury electric vehicle maker Lucid Motors is slashing its production forecast for 2022 for the next time this season. The Newark, California-based company announced it had been revising its production expectations to between 6,000 and 7,000 vehicles.

Lucid originally said it could make 20,000 vehicles in 2022, but that number was revised in February to 12,00014,000 vehicles. It had been another disappointing turn for the EV maker, that is strongly angling to fully capture a few of Teslas market tell 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 encountered, said Peter Rawlinson, Lucids CEO and CTO, in a statement. Weve identified the principal bottlenecks, and we have been taking appropriate measures bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization. We continue steadily to see strong demand for the vehicles, with over 37,000 customer reservations, and I remain confident that people shall overcome these near-term challenges.

Lucid released its second quarter earnings Wednesday, reporting a $220 million loss on revenue of $97.3 million. The business said it only delivered 679 vehicles to customers in the last 90 days. Overall, Lucid said it lost $4.8 billion in 2021. The business went public by way of a merger with a particular purpose acquisition company, or SPAC, last summer.

Lucid also said the amount of reservations because of its luxury Lucid Air sedan now exceeded 37,000, reflecting $3.5 billion in potential sales. The business had previously said it had received 24,000 reservations.

Lucid previously delayed the launch of its Gravity SUV before first 1 / 2 of 2024 to be able to ensure the perfect production process. The business is entering what’s arguably probably the most competitive segments of the EV market, crowded with famous brands the Audi E-tron and E-tron GT, Jaguar I-Pace, Polestar 2, Porsche Taycan, Mercedes-Benz EQS, Cadillac Lyriq, BMW i4, Lexus LF-Z, and Tesla Model S Plaid, which started rolling out to customers this past year.

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