Luxury electric vehicle maker Lucid Motors is cutting its 2022 production forecast for the second time this year. The Newark, California-based company was announced revised its production expectations to between 6,000 and 7,000 vehicles.
Lucid initially said it would build 20,000 vehicles in 2022, but that figure was revised in February to 12,000–14,000 vehicles. It was another disappointing turn for the EV maker, which is looking to take some of Tesla’s market share with its ultra-premium, ultra-long-range Lucid Air sedan. Last quarter, Lucid announced a 10% price increase for the single model it has in production.
“Our revised manufacturing guidelines reflect the extraordinary supply chain and logistics challenges we faced,” said Peter Rawlinson, CEO and CTO of Lucid, in a statement. “We have identified the main bottlenecks and are taking appropriate action – bringing our logistics operations in-house, adding key hires to the executive team and restructuring our logistics and manufacturing organization. We continue to see strong demand for our vehicles, with over 37,000 customer bookings, and I am confident we will overcome these short-term challenges.”
Lucid posted second-quarter earnings on Wednesday, reporting a loss of $220 million on revenue of $97.3 million. The company said it delivered only 679 vehicles to customers in the past three months. Overall, Lucid said it lost $4.8 billion in 2021. The company went public through a merger with a special purpose acquisition company, or SPAC, last summer.
Lucid also said that the number of reservations for the Lucid Air luxury sedan has now exceeded 37,000, reflecting $3.5 billion in potential sales. The company previously said it had received 24,000 bookings.
Lucid previously delayed the launch of its Gravity SUV until the first half of 2024 in order to ensure the best possible production process. The company is entering one of the most competitive EV market segments filled with the Audi E-tron and E-tron GT, Jaguar I-Pace, Polestar 2, Porsche Taycan, Mercedes-Benz EQS, Cadillac Lyriq, BMW i4, Lexus LF-Z and Tesla Model S Plaid, which started rolling out to customers last year.