Other EV startups such as Rivian Automotive Inc. and Lordstown Motors, which have raised money in public listings, have fallen short of their own production targets.
Lucid is targeting a much higher-end buyer than Rivian, as the initial version of Lucid’s Air sedan costs $169,000.
Altogether, Lucid has produced more than 400 Air sedans to date and has delivered more than 300 to customers. It also reported more than 25,000 reservations for the vehicle and booked $26.4 million in fourth quarter revenue.
CEO Peter Rawlinson didn’t to specify the logistical issues causing the production delays, but expressed confidence Lucid is well poised to capitalize on demand for its vehicles.
“We remain confident in our ability to capture the tremendous opportunities ahead given our technology leadership and strong demand for our cars,” he said in a statement.
A 2.85 million-square-foot expansion of its Casa Grande, Ariz., assembly plant is “on track,” according to the statement. Lucid also said it recently leased land in Saudi Arabia where it plans to build its second factory.
Chairman Andrew Liveris previously told Bloomberg TV that he expects the second plant to open by 2026.
The launch of the Air has not come without some issues, as just last week Lucid issued a recall over a potential safety defect. Lucid also shipped some of the first sedans without a promised driver-assistance feature, which the company promised to add after delivery via an over-the-air software update.
Bloomberg and Reuters contributed to this report.
Source: https://www.autonews.com/manufacturing/lucid-cuts-2022-production-goal-misses-delivery-target