Lucid Motors has radically decreased its production target, once more

Extravagance EV startup Lucid Motors changed its yearly production target once more, bringing it down to an expected output of somewhere in the range of 6,000 and 7,000 vehicles, the organization declared today. That is just a fraction of the 20,000 vehicles that Lucid at first vowed to deliver in 2022. The Tesla competitor has just created 1,405 vehicles up to this point this year, giving it a simple four months to build thousands of new vehicles.

Supply chain burdens and a deficiency of parts and raw materials are to be faulted for the slow result, the organization claims. In a call with investors, the California-based organization’s CEO Peter Rawlinson said it is planning various structural changes to amp up production. “Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered,” said Rawlinson. “We’ve identified the primary bottlenecks, and we are taking appropriate measures – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization.”

All on top of ongoing production battles, this May the organization had to review its 2022 Air EVs because of wiring issues — a total of over 1,000 vehicles. Such challenges haven’t seemed to affect demand for the luxury vehicles. Up until this point, there have been 37,000 reservations for Lucid Motor’s all-electric car, the Lucid Air, the organization unveiled in the call. What’s more, Lucid plans to sell over 100,000 vehicles to the government of Saudi Arabia — which emptied more than $1 billion into the organization and claims a 62 percent stake.