The semiconductor chip crisis and logistical problems have wreaked havoc on Tesla rival electric car maker Lucid. Lucid announced that it has reduced its production targets for the second time this year. Saying that they couldn’t keep up with their electric car demands, the company described the new crisis as “extraordinary supply chain and logistics challenges”.
Lucid cuts production targets in half
Lucid Motors CEO and CTO Peter Rawlinson has announced the company’s new production targets. Lucid’s production performance, down by half compared to the previous report, is grappling with supply chain and logistics issues. Rawlinson said that they have reduced their annual production capacity of 12 to 14 thousand vehicles to 6 to 7 thousand vehicles.
Actually, Lucid had pretty big goals at the beginning of the year. The company, which said in last year’s report that it wanted to produce close to 20 thousand Lucid Air models in 2022, has now reduced these targets to almost a third.
Lucid Motors CEO and CTO stated that they have more than 37 thousand reservations for the Air model. Peter Rawlinson stated that they are facing more demand every quarter. However, only 1405 vehicles were produced in the first six months.
“Our revised production targets reflect the extraordinary supply chain and logistical challenges we face,” Rawlinson told investors.
In addition to its production targets, Lucid Motors also announced its financial report. Accordingly, it managed to generate $97.3 million in revenue in the second quarter. The company also reported a net loss of $414 million. That’s nearly double the $218 million loss in the second quarter of last year.
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