CEO Peter Rawlinson blamed the "extraordinary supply chain and logistics challenges" the company faced in the second quarter.

lucid cuts 2022 production forecast once again to 6,000-7,000 evs

Lucid Group has slashed its production forecast in half for this year, estimating it will manufacture between 6,000 and 7,000 Air electric sedans after a difficult second quarter caused by supply-chain issues.

It’s the second time this year that the EV startup reduces its production forecast. The company entered the year with a forecast of 20,000 vehicles, then slashed it in late February to 12,000-14,000. Now, the company has cut that revised production forecast in half, with CEO Peter Rawlinson blaming the “extraordinary supply chain and logistics challenges” in the second quarter.

“Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered. We’ve identified the primary bottlenecks, and we are taking appropriate measures – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization.”

Peter Rawlinson, Lucid’s CEO and CTO

The executive added that Lucid continues to see strong demand for its vehicles, citing over 37,000 customer reservations for the Air luxury sedan. Rawlinson said he remains confident that Lucid will “overcome these near-term challenges.”

139 Photos

The EV startup’s Q2 financial results announced yesterday also included delivery numbers, which almost doubled compared to the previous quarter: 679 vehicles delivered in Q2 versus 360 in Q1. The company produced 1,405 vehicles in the first half of the year.

The production numbers are far from impressive considering the 37,000 reservations Lucid claims it has. Still, we have to remember that Lucid’s only product at the moment is the Air luxury sedan which starts just under $90,000 for the Pure trim and can cost as much as $180,000 for the Grand Touring Performance.

Lucid also said it ended the quarter with $4.6 billion in cash, cash equivalents and investments, which is expected to fund the company “well into 2023.” The company’s Q2 revenue was just $97.3 million, well below analysts’ expectations.

In addition to its Q2 financial results, the EV startup also announced yesterday the appointment of Steven David as senior vice president of operations, which is a new role in the company. David will oversee the supply chain, logistics, manufacturing and quality, Lucid said in a statement. The executive most recently worked as head of component operations at Stellantis in Auburn Hills, Michigan.

Keyword: Lucid Cuts 2022 Production Forecast Once Again To 6,000-7,000 EVs

CAR'S NEWS RELATED

The 2025 Lucid Gravity Is A 440-Mile, Seven-Seat Electric SUV 'Powerhouse'

The Lucid Gravity aims to redefine luxury electric SUVs. Can it move the needle for this EV startup?

View more: The 2025 Lucid Gravity Is A 440-Mile, Seven-Seat Electric SUV 'Powerhouse'

Possible Lucid Pickup Truck Seen In Clay Model Form

It could be a design study. It could be a future model. Either way, we sort of want one.

View more: Possible Lucid Pickup Truck Seen In Clay Model Form

Lucid Burned $433,000 For Every Car It Sold In Q3, Reports $2.17 Billion In Losses So Far This Year

Image: Lucid California-based automaker Lucid reported third quarter results on Tuesday, and the numbers aren’t great. The company announced that it built 1,550 Air sedans in Q3, and delivered 1,456 to customers. Each of those cars delivered accounted for $433,000 worth of red ink on the company’s balance sheets, ...

View more: Lucid Burned $433,000 For Every Car It Sold In Q3, Reports $2.17 Billion In Losses So Far This Year

A Lucid Air Can Now Directly Charge Other EVs

The Lucid Air's newest OTA update will let the electric sedan charge most other EVs just by connecting a new cable to its charge port.

View more: A Lucid Air Can Now Directly Charge Other EVs

Lucid Motors (LCID) introduces RangeXchange, offering vehicle-to-vehicle charging capabilities

Lucid Motors has introduced a new feature it calls “RangeXchange” which enables vehicle-to-vehicle (V2V) charging, meaning current and future Lucid owners can recharge other EVs using their battery’s stored energy… as long as you buy the adapter cable. It’s been a busy few months for Lucid Motors ($LCID) – ...

View more: Lucid Motors (LCID) introduces RangeXchange, offering vehicle-to-vehicle charging capabilities

Lucid Lost $430,000 For Every Car It Sold In Q3

The American luxury EV maker cut its production guidance for this year after a weak quarter.

View more: Lucid Lost $430,000 For Every Car It Sold In Q3

Lucid (LCID) cuts 2023 EV production target as operating losses widen in Q3

Lucid Motors (LCID) is cutting its 2023 production goal following widening losses in Q3. The EV maker is facing stiff competition in the premium electric vehicle market. Despite initial plans to build between 10,000 and 14,000 cars this year, Lucid is revising its plans as EV sales fail to ...

View more: Lucid (LCID) cuts 2023 EV production target as operating losses widen in Q3

Lucid cuts full-year production forecast

Companies Lucid Group Inc Nov 7 (Reuters) – Lucid Group (LCID.O) said on Tuesday it now expects to produce 8,000–8,500 vehicles this year from its earlier projection of more than 10,000 units. The company said it was cutting production forecast “to prudently align with deliveries”. Shares of the company ...

View more: Lucid cuts full-year production forecast

Lucid Confirms NACS Plug In 2025 As Future Of US High-Voltage Charging Seems Settled

Get A Closer Look At Some Of The Lucid Gravity SUV's Details

Lucid Motors joins the ‘in crowd,’ will adopt NACS and offer access to Tesla’s Supercharger network

Lucid cuts prices of electric sedans for limited time amid EV price wars

Lucid To Add Native Apple And Amazon Music Support In Its Cars

Lucid job post hints at addition of Apple and Amazon Music to its EVs, more media apps to follow?

The 1,234-HP Lucid Air Sapphire Almost Made Me Barf, It Ruled

Hyundai follows Lucid partnering with Saudi’s PIF to build a new manufacturing plant

Lucid Motors turns to a new demand lever: An owner referral program

We’ll Finally See The Lucid Gravity SUV In November

Lucid Air Deliveries Still Below 1,500 In Q3 2023

Lucid Air production plummeted in Q3

OTHER CAR NEWS

; Top List in the World https://www.pinterest.com/newstopcar/pins/
Top Best Sushi Restaurants in SeoulTop Best Caribbean HoneymoonsTop Most Beautiful Islands in PeruTop Best Outdoor Grill BrandsTop Best Global Seafood RestaurantsTop Foods to Boost Your Immune SystemTop Best Foods to Fight HemorrhoidsTop Foods That Pack More Potassium Than a BananaTop Best Healthy Foods to Gain Weight FastTop Best Cosmetic Brands in the U.STop Best Destinations for Food Lovers in EuropeTop Best Foods High in Vitamin ATop Best Foods to Lower Your Blood SugarTop Best Things to Do in LouisianaTop Best Cities to Visit in New YorkTop Best Makeup Addresses In PennsylvaniaTop Reasons to Visit NorwayTop Most Beautiful Islands In The WorldTop Best Law Universities in the WorldTop Richest Sportsmen In The WorldTop Biggest Aquariums In The WorldTop Best Peruvian Restaurants In MiamiTop Best Road Trips From MiamiTop Best Places to Visit in MarylandTop Best Places to Visit in North CarolinaTop Best Electric Cars For KidsTop Best Swedish Brands in The USTop Best Skincare Brands in AmericaTop Best American Lipstick BrandsTop Michelin-starred Restaurants in MiamiTop Best Secluded Getaways From MiamiTop Best Things To Do On A Rainy Day In MiamiTop Most Instagrammable Places In MiamiTop Interesting Facts about FlorenceTop Facts About The First Roman Emperor - AugustusTop Best Japanese FoodsTop Most Beautiful Historical Sites in IsraelTop Best Places To Visit In Holy SeeTop Best Hawaiian IslandsTop Reasons to Visit PortugalTop Best Hotels In L.A. With Free Wi-FiTop Best Scenic Drives in MiamiTop Best Vegan Restaurants in BerlinTop Most Interesting Attractions In WalesTop Health Benefits of a Vegan DietTop Best Thai Restaurant in Las VegasTop Most Beautiful Forests in SwitzerlandTop Best Global Universities in GermanyTop Most Beautiful Lakes in GuyanaTop Best Things To Do in IdahoTop Things to Know Before Traveling to North MacedoniaTop Best German Sunglasses BrandsTop Highest Mountains In FranceTop Biggest Hydroelectric Plants in AmericaTop Best Spa Hotels in NYCTop The World's Scariest BridgeTop Largest Hotels In AmericaTop Most Famous Festivals in JordanTop Best European Restaurants in MunichTop Best Japanese Hiking Boot BrandsTop Best Universities in PolandTop Best Tips for Surfing the Web Safely and AnonymouslyTop Most Valuable Football Clubs in EuropeTop Highest Mountains In ColombiaTop Real-Life Characters of Texas RisingTop Best Beaches in GuatelamaTop Things About DR Congo You Should KnowTop Best Korean Reality & Variety ShowsTop Best RockstarsTop Most Beautiful Waterfalls in GermanyTop Best Fountain Pen Ink BrandsTop Best European Restaurants in ChicagoTop Best Fighter Jets in the WorldTop Best Three-Wheel MotorcyclesTop Most Beautiful Lakes in ManitobaTop Best Dive Sites in VenezuelaTop Best Websites For Art StudentsTop Best Japanese Instant Noodle BrandsTop Best Comedy Manhwa (Webtoons)Top Best Japanese Sunglasses BrandsTop Most Expensive Air Jordan SneakersTop Health Benefits of CucumberTop Famous Universities in SwedenTop Most Popular Films Starring Jo Jung-sukTop Interesting Facts about CougarsTop Best Hospitals for Hip Replacement in the USATop Most Expensive DefendersTop Health Benefits of GooseberriesTop Health Benefits of ParsnipsTop Best Foods and Drinks in LondonTop Health Benefits of Rosehip TeaTop Best Air Fryers for Low-fat CookingTop Most Asked Teacher Interview Questions with AnswersTop Best Shopping Malls in ZurichTop The Most Beautiful Botanical Gardens In L.A.Top Best Mexican Restaurants in Miami for Carb-loading rightTop Best Energy Companies in GermanyTop Best Garage HeatersTop Largest Banks in IrelandTop Leading Provider - Audit and Assurance In The USTop Best Jewelry Brands in IndiaTop Prettiest Streets in the UKTop Best Lakes to Visit in TunisiaTop Highest Mountains in Israel