Lucid Motors cuts its electric vehicle production plan for 2022 again

Lucid Motors has adjusted its yearly manufacturing goal yet again, lowering it to between 6,000 and 7,000 vehicles, the firm announced today. That's far less than Lucid Motors' initial target of producing 20,000 vehicles in 2022. The Tesla competitor has produced just 1,405 units thus far this year, putting off thousands more until later in the year when demand picks up.

The sluggish output is due to a supply chain crisis as well as a lack of parts and raw materials, according to the firm. In an investors' call, California-based company's CEO Peter Rawlinson announced that the firm is preparing several structural changes to increase production. "Due to the severe supply chain and logistics problems we encountered, our new production forecast incorporates these changes," Rawlinson said. "We've identified the primary bottlenecks, and we're taking adequate measures — putting our logistics operations in-house, adding key personnel to the executive team, and reorganizing our logistics and manufacturing organizations."

In May, the firm was compelled to recall all of its 2022 Air EVs due to wiring concerns - a total of approximately 1,000 vehicles. Such barriers haven't appeared to have an impact on demand for luxury cars. So far, Lucid Motor has received 37,000 reservations for its all-electric sedan, the Lucid Air. In addition, Lucid intends to sell over 100, 000 vehicles to the Saudi Arabian government — which invested over $1 billion in the company and holds a 62 percent stake.