Lucid Motors will barely make any EVs this year as it slashes production goals again

Photo by Andrew Hawkins / The Verge

For the second time this year, the company slashed its production forecast. Between 6,000 and 7,000 vehicles were revised by the company.

There was a revision to the number of vehicles that would be made by the company. It was another disappointing turn for the EV maker, which is trying to capture some market share with its ultra-premium, ultra-long-range car. The price of the single model was increased by 10 percent.

Peter Rawlinson said in a statement that the revised production guidance reflected the extraordinary supply chain and logistical challenges they encountered. Adding key hires to the executive team, and restructuring the logistics and manufacturing organization are some of the measures we are taking. We have strong demand for our vehicles and I am confident that we will overcome these near-term challenges.

The company reported a loss of $220 million on revenue of $97.3 million. Over the last three months, the company delivered 679 vehicles to customers. The company lost $4.7 billion in the year. The company went public through a merger.

$3.5 billion in potential sales are reflected in the number of reservations for the luxury car by the company. It had previously said it had received 24,000 reservations.

The launch of the Gravity SUV was delayed in order to make sure the process was perfect. The company is entering what is arguably one of the most competitive segments of the EV market, crowded with the likes of the E-tron and E-tron GT.