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Lucid Motors Slashes 2022 Production Target in Half; Shares Sink

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Lucid Group Inc. fell as much as 13% in late trading after the luxury electric-vehicle startup halved its 2022 production target to 6,000 to 7,000 cars.

It’s the second time the Newark, California-based startup has reduced its output goal this year, from an original target of 20,000 cars. Saudi-backed Lucid said it produced 1,405 vehicles in the first half of 2022 and attributed the lower full-year target to “extraordinary supply chain and logistics challenges.” The company delivered just 1,039 cars.