Lucid Motors says it expects to make fewer EVs in 2022 than it originally planned

Photo by Andrew Hawkins / The Verge

The production forecast of the luxury electric vehicle maker is being slashed due to supply chain constraints. The Newark, California-based company announced it was revising down its production expectations to 12,000 to 14,000 vehicles from the original prediction of 20,000 vehicles.

Peter Rawlinson said in a statement that the supply chain and logistics challenges they have encountered reflect their focus on delivering the highest-quality products.

The company's shares fell in after-hours trading. The company didn't say what supply issues were causing the problems. The company reported a $1 billion loss on revenue of $26.4 million. The company lost $4.8 billion in the year. The company went public through a merger.

There are more than 25,000 reservations for the luxury Lucid Air sedan, which has a potential sale of over $2 billion. The company had said it had received 20,000 reservations.

As of February 28th, the company had made 400 vehicles, of which 125 were delivered to customers by the end of the year. Some of the deliveries have gone to executives and employees.

In an earnings call with investors, Rawlinson said that the company would be delaying the launch of its Gravity SUV until the first half of the year in order to ensure the best possible production process.

One of the most competitive segments of the EV market is where Lucid is entering. The luxury EV segment includes the likes of the E-Tron and E-Tron GT, Jaguar I-Pace, Polestar 2, and Mercedes-Benz EQS.