Lucid Motors cuts its 2022 electric vehicle or EV production forecast significantly, slashing its previous prediction of up to 20,000 units for this year alone.
Palm trees rise above the entrance to the Lucid Motors Inc. studio and service center on February 25, 2021 in Beverly Hills, California. - The California-based electric vehicle company announced this month that it plans to go public via a merger with a company that values it at $24 billion, with the pure-electric luxury sedan Lucid Air launching in 2021. (Photo by Patrick T. FALLON / AFP)
Lucid Motors and 2022 EV Production
As per a news story by The Verge, the luxury EV maker, Lucid, announced that it is drastically decreasing its initial production forecast for 2022.
This time around, Lucid stated that it is now only expecting 12,000 to 14,000 vehicles for this year, which is thousands away from its initial goal of 20,000.
It is worth noting that the luxury EV maker disclosed that there are currently a whopping 25,000 pre-orders or reservations of its Lucid Air electric sedan. As such, the potential sales of the automaker are now at a staggering $2.4 billion.
The latest reservation figures of Lucid are up from its previous announcement that Lucid Air has already received 20,000 pre-orders.
However, the EV maker admits that it has only produced 400 vehicles by the end of February.
Meanwhile, though, only 125 of them were delivered to their customers by the end of 2021, which is away from its plan to release over 500 vehicles in 2021. But overall, the tech firm said that it delivered a total of 300 EVs.
Lucid Motors Production vs. Supply Issues
According to a recent report by Bloomberg, the CEO of Lucid Motors, Peter Rawlinson announced that the EV maker is facing issues in both its supply chain and its logistics.
However, the news outlet noted that the Lucid CEO did not give any specific details regarding the supply constraints, which the exec described as "extraordinary."
A Lucid Air Grand Touring electric luxury car is displayed at the Lucid Motors Inc. studio and service center on February 25, 2021 in Beverly Hills, California. - The California-based electric vehicle company announced this month that it plans to go public via a merger with a company that values it at $24 billion, with the pure-electric luxury sedan Lucid Air launching in 2021.
Despite the supply chain issues that the EV maker is currently facing, the Lucid boss is still optimistic.
Rawlinson said in a statement that: "We remain confident in our ability to capture the tremendous opportunities ahead given our technology leadership and strong demand for our cars."
Lucid Gravity SUV Delayed
That said, the upcoming first-ever SUV of Lucid Motors is also facing pushback for its launch date.
As per a report by Autoblog, the electric crossover SUV was previously slated to release sometime in 2023.
In the latest earnings call of the Lucid CEO with investors, he announced that the launch of the Gravity SUV is slightly delayed from its previous schedule.
The exec said that the Lucid Gravity will be launching in the first half of 2024, citing that the delay would assure that it would be under the best production process.
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Written by Teejay Boris
