Lucid Motors

Supply chain problems continue to affect automakers, including Lucid Motors, who once again slashed EV production goals for the year. Shares of the vehicle fell 12% after its second quarterly earnings were released.

Before the start of 2022, Lucid Motors expected to produce 20,000 luxury Air Sedans in 2022, but that goal is no longer in the cards. And while the company is not experiencing a problem in demand, it has decreased its production goals by 50%. The original target goal for vehicle production was 12,000 to 14,000. Now those numbers are cut in half, and Lucid Motors is shooting for 6,000 and 7,000 vehicles for the year.

The Air Sedan, for instance, has more than 37,000 reservations. Only 679 vehicles in the second quarter were delivered, following a similar pattern to the first quarter.

Peter Rawlinson, CEO and CTO of Lucid Motors assured investors that this was a strategic move and solutions were in the works to resolve the issues. “I’m right here on the front line, and I’ve been spending the vast majority of my time here, right here on the shop floor. I believe it’s my responsibility as the CEO to be here resolving issues and helping to onboard the new executives,” he stated.

To aid in the low production, Rawlinson hired longtime Stellantis employee Steven David as Senior Vice President of Operations to work on supply-chain and logistic problems.

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