Lucid Motors cuts 2022 production target again

Lucid Motors cuts 2022 production target again

U.S. electric car maker Lucid Motors has cut its 2022 production target in half. Instead of the 12,000 to 14,000 cars previously forecast, Lucid now only expects to produce 6,000 to 7,000 vehicles this year.

That's according to the company's second-quarter annual report, which cites "exceptional supply chain and logistics challenges." Already, the range of 12,000 to 14,000 vehicles is below the original plan of 20,000 Lucid Air this year. The exact same reason was given when the production target was adjusted in March.

To reach the 6,000 to 7,000 vehicle range, the company will need to significantly increase production in the remaining months of this year: in the first half of the year, Lucid produced 1,405 vehicles, according to the quarterly report.

Pre-orders for the Lucid Air currently stand at over 37,000, so even if Lucid is able to build the 7,000 vehicles this year, there are still more than two-thirds of pre-orders open.