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Lucid’s electric car production target cut by half a year

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American luxury electric car startup Lucid has halved its production target this year from 6,000 to 7,000 units, the company said in a statement.share priceAs a result, it fell 13% in after-hours trading on Wednesday (third).


This is the second time Lucid has lowered its production target for this year; The original target for 2022 was 20,000 vehicles.

Lucid said it produced a total of 1,405 vehicles in the first half of the year, with a lower full-year production target due to the “extraordinary”.the supply chainand logistics challenges”. Lucid delivered 1,039 vehicles in the first half of the year.

Because production could be so low, Lucid missed its sales target and last quarterrevenueIt was only $97.3 million, far less than the $147.5 million Bloomberg put together. Adjusted loss in the prior quarter was $414.1 million, worse than the $410.7 million loss expected by the market. Lucid had $4.6 billion in cash and cash equivalents at the end of last quarter, which Chief Financial Officer Sherry House said was enough to keep the company on hold until 2023.

Shares of Lucid fell 12.6% to $17.97 per share after falling more than 46% so far this year.



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