Luxury electric vehicle (EV) maker Lucid Group has announced it is lowering its 2022 production target by as much as 40%.
Lucid CEO Peter Rawlison cited the ongoing supply chain issues as one of the main reasons they will only produce between 12,000 and 14,000 cars this year, down from their original target of 20,000.
“Looking ahead, we’re updating our outlook for 2022 production to a range of 12,000 to 14,000 vehicles. This reflects the extraordinary supply chain and logistics challenges we’ve encountered and our unrelenting focus on delivering the highest-quality products. We remain confident in our ability to capture the tremendous opportunities ahead given our technology leadership and strong demand for our cars,” Rawlinson said in the Q4 2021 earnings letter.
After starting production on September 28, 2021, Lucid says they have been able to produce in excess of 400 cars as of today, and delivered over 300, some of which have gone to employees and executives.
That is less than 3 cars per day in the 153 days since production began.
Lucid says it now has over 25,000 reservations for the Lucid Air sedan, equating to $2.4 billion in potential sales if all customers follow through with their reservations. The company has previously announced it had 13,000 reservations in September.
In more bad news for the automaker, Rawlinson also announced today that their second EV, the Lucid Gravity SUV, has been delayed until the first half of 2024. It was originally expected to launch in 2023.