Tesla Rival Lucid Cuts 2022 Production Target By 40%

Luxury electric vehicle startup Lucid Group ($LCID@US) significantly lowered its production target for this year yesterday. The company cited extraordinary supply chain and logistics challenges. The recently-listed electric vehicle maker, which has a manufacturing facility in Casa Grande, Arizona, said it now expects to produce between 12,000 to 14,000 Lucid Air models this year, much below the 20,000 units it had forecast earlier. Lucid reported its second financial results as a public company on Monday after the closing bell and said it ended the year with about $6.2 billion in cash. The company reported a wider loss of more than $1 billion for the fourth quarter. Lucid said it has secured over 25,000 reservations, reflecting potential sales of more than $2.4 billion. The company has produced only 400 electric vehicles to date, much below its previously estimated forecast of 577 units in 2021. Lucid stock closed about 10% higher yesterday, and shares were down around 12% in premarket trading today.