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EV maker Lucid halves 2022 production forecast as supply chain snarls hit

Stock Markets Aug 03, 2022 05:11PM ET
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© Reuters. FILE PHOTO - A Lucid Air electric vehicle is displayed at a shopping mall in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin

(Reuters) - Lucid Group on Wednesday halved its production forecast for electric vehicles, blaming extraordinary supply chain and logistics challenges, sending its shares down 10% after the bell.

The company now expects to produce between 6,000 and 7,000 luxury electric vehicles this year, down from 12,000 to 14,000 units it targeted in February.

However, the company said it had 37,000 reservations for its vehicles which represented potential sales of about $3.5 billion, up from 30,000 pre-orders it reported in the first quarter.

Earlier in May, the company had raised prices for most models, citing soaring commodity costs.

EV makers have been hit by a shortage of essential components including chips and soaring commodity prices for batteries exacerbated by the Russian invasion of Ukraine.

Chief Executive Officer Peter Rawlinson said at a conference in May that he was concerned about chip supplies from China due to pandemic-related lockdowns.

In September, Lucid said it was on track to hit its goal of producing 20,000 vehicles in 2022.

EV maker Lucid halves 2022 production forecast as supply chain snarls hit
 

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