Hyperdrive
Lucid Sinks After Cutting Production Goal on Commodity Woes
- Electric-car maker delays upcoming SUV to first half of 2024
- CEO sees supply shortages easing in second half of this year
This article is for subscribers only.
Lucid Group Inc. slumped after lowering its production target for this year to between 12,000 and 14,000 cars, down from a previous goal of 20,000, citing “extraordinary” challenges with logistics and its supply chain.
The maker of luxury electric vehicles also came up short on its goal for deliveries last year. Lucid delivered 125 of its Air sedans in the final quarter after planning to ship more than 500, it said in an earnings statement after the close of trading Monday. Lucid also delayed the launch of its second vehicle, the Gravity SUV, from 2023 to the first half of 2024.