- Electric vehicle maker Lucid Group again cut its production targets Wednesday.
- Supply chain and logistics challenges mean demand for the company’s EVs far outpaces its output.
- The company said it now has over 37,000 reservations for its Air electric luxury sedan, but it delivered just 679 cars in the second quarter.
Disruptive:
The Lucid story:
Electric vehicle maker Lucid Group again cut its production targets Wednesday as supply chain and logistics challenges mean demand for the company’s EVs far outpaces its output.
The company said it now has over 37,000 reservations for its Air electric luxury sedan (the Elite Sedan), up from more than 30,000 in May – but it delivered just 679 cars in the second quarter.
In February, it said that it expected to build between 12,000 and 14,000 vehicles in 2022, down from an original forecast of 20,000.
It cut its full-year deliveries guidance for a second time, saying that it now expects to deliver just 6,000 to 7,000 vehicles in 2022, and announced a new senior executive to lead operations. Lucid’s shares fell about 12% in after-hours trading following the news.
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