Luxury Cars

Lucid Motors has drastically reduced its production target, again

Luxurious EV startup Lucid Motors modified its yearly manufacturing goal once more, decreasing it to an anticipated output of between 6,000 and seven,000 autos, the corporate introduced in the present day. That’s solely a fraction of the 20,000 automobiles that Lucid initially promised to ship in 2022. The Tesla competitor has solely produced 1,405 autos thus far this yr, giving it a mere 4 months to construct 1000’s of recent automobiles.

Associated: Lucid Air First Drive Assessment | New child on the town beats everybody up

Provide chain woes and a scarcity of components and uncooked supplies are responsible for the gradual output, the corporate claims. In a name with traders, the California-based firm’s CEO Peter Rawlinson mentioned it’s planning plenty of structural adjustments to amp up manufacturing. “Our revised manufacturing steerage displays the extraordinary provide chain and logistics challenges we encountered,” mentioned Rawlinson. “We have recognized the first bottlenecks, and we’re taking acceptable measures – bringing our logistics operations in-house, including key hires to the manager crew, and restructuring our logistics and manufacturing group.”

On high of ongoing manufacturing struggles, this Could the corporate was pressured to recall all of its 2022 Air EVs on account of wiring points — a complete of over 1,000 automobiles. Such challenges have not appeared to affect demand for the posh autos. To this point, there have been 37,000 reservations for Lucid Motor’s all-electric sedan, the Lucid Air, the corporate disclosed within the . On high of that, Lucid plans to promote over 100,000 automobiles to the federal government of Saudi Arabia — which poured over into the corporate and owns a 62 p.c stake.

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