Lucid Motors, the widely-acclaimed maker of electric vehicles that has struggled to mass produce, said Wednesday it delivered 679 vehicles in the second quarter, cutting its annual production target by almost half. did.
The California company, which hopes to challenge Tesla in the luxury car market, told investors earlier this year that it would deliver 12,000 cars in 2022. Lucid said Wednesday that target is between 6,000 and 7,000. said he would do it.
Lucid CEO Peter Rawlinson said the shortage was due to “the extraordinary supply chain and logistics challenges we encountered.” Demand for cars remains strong, he said, adding: “We are confident that we can overcome these near-term challenges.”
679 vehicles were delivered in the second quarter compared to only 360 in the first quarter. Lucid said in May that he was having trouble getting parts. While all automakers are suffering from supply chain problems, shortages of parts and raw materials come at an especially bad time for emerging automakers like Lucid and He Rivian. Making cars is hard enough for a new company without vying for its share of a scarce commodity.
After its debut model, Lucid Air, was named Motor Trend’s 2022 Car of the Year, the company said it was a no-brainer for Tesla for its sedan’s 500-plus miles of range on a charge and its attractive styling. It was seen as a serious threat. Lucid’s headquarters in Newark, Calif., is a short drive from Tesla’s factory in Fremont, and Rawlinson is a former Tesla executive.
But investors are pessimistic about the ability of Lucid, Rivian, and other electric vehicle startups to capture significant market share. The cheapest Air starts at his $87,400 and the top model at $169,000, competing with established automakers such as Mercedes-Benz, Audi and Porsche, which have begun selling battery-powered luxury vehicles.
Traditional automakers have been slow to develop electric vehicles that resonate with consumers, but now decades of experience and a network of factories are proving a decisive advantage. Ford Motor said Wednesday that it sold 7,700 battery-powered vehicles in the US in July. This is a 170% increase over the previous year. Ford has sold 31,000 electric vehicles in the first seven months of the year.
Increasing incentives for electric car buyers, which Congress is considering, won’t help Lucid. The company’s sedan doesn’t qualify for the $7,500 federal electric vehicle tax credit because the model is too expensive. Under the Senate’s proposed climate and energy package, a buyer would only claim credit for his sedans priced at $55,000 or less and vans, sport utility vehicles, and trucks priced at $80,000 or less. I can do it.
Lucid’s stock has recently fallen below $20 from a high of $55 in November.
The company lost $220 million on revenue of $97 million in the second quarter. In the first quarter of 2022, he had sales of $58 million, a loss of $81 million. Lucid said it has enough cash to “fully fund in 2023.”
