autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall
autos, cars, lucid, amazon, earnings/financials, electric, green, lucid air, lucid gravity, luxury, plants/manufacturing, amazon, lucid cuts production goals and delays gravity suv, stocks fall

Lucid Group Inc. slumped after lowering its production target for this year to between 12,000 and 14,000 cars, down from a previous goal of 20,000, citing “extraordinary” challenges with logistics and its supply chain.

The maker of luxury electric vehicles also came up short on its goal for deliveries last year. Lucid delivered 125 of its Air sedans in the final quarter after planning to ship more than 500, it said in an earnings statement after the close of trading Monday. Lucid also delayed the launch of its second vehicle, the Gravity SUV, from 2023 to the first half of 2024.

“The delay will allow competitor offerings more time in the market in advance of Lucid,” Ali Faghri, an analyst at Guggenheim Securities, said in a note Tuesday. The postponement “could make taking incremental market share in a more competitive market challenging.” The firm noted “overwhelmingly positive” reviews on Lucid vehicles so far.

Lucid tumbled 13% to $25.35 before the start of regular trading Tuesday in New York. The stock had dropped 24% this year through Monday.

The company has produced more than 400 Air sedans and has delivered more than 300 to customers. It reported more than 25,000 reservations for the vehicle and booked $26.4 million in fourth-quarter revenue. 

Lucid is struggling more to secure supplies of parts such as window glass and interior carpeting than of computer chips, shortages of which have tripped up other automakers, Chief Executive Officer Peter Rawlinson said on a conference call. The carmaker is navigating the procurement issues by offering to help key suppliers with logistical problems, switching contracts to new suppliers and bringing some processes in-house. 

What Bloomberg Intelligence Says

“Heavy capital spending approaching $2 billion in 2022, combined with slashed production targets due to supply-chain constraints, may chew up more than half of Lucid’s $6.2 billion of cash this year, a bump in the road for its long-term aspirations. A capital raise is possible this year.” — Joel Levington, BI credit analyst

Rawlinson said in the statement that he expects the supply-chain issues to ease in the second half of this year and expressed confidence that Lucid is poised to capitalize on demand for its vehicles.

A 2.85 million-square-foot expansion of its Casa Grande, Arizona, vehicle assembly facility is “on track,” according to the statement. Lucid also said it recently leased land in Saudi Arabia where it plans to build its second factory. Saudi Arabia’s sovereign wealth fund owns more than 60% of Lucid.

Lucid said Monday that it expects to start construction on the Saudi Arabian factory this year. Chairman Andrew Liveris previously told Bloomberg TV that he expects the second plant to open by 2026.

Lucid became one of two electric-vehicle producers to make their first deliveries late last year, along with Amazon.com Inc.-backed Rivian Automotive Inc. Newark, California-based Lucid is targeting a much higher-end buyer than Rivian; the initial version of Lucid’s Air sedan costs $169,000.

The Air’s launch has had problems. Lucid last week issued a recall over a potential safety defect. The company also shipped some of the first sedans without a promised driver-assistance feature, which the company promised to add after delivery through an over-the-air software update.

Related video:

Keyword: Lucid cuts production goals and delays Gravity SUV, stocks fall

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