Lucid: production is slow, prices and targets revised

Lucid: production is slow, prices and targets revised


Taking the first steps in the automotive world is not easy, as Lucid Motors, a US company that aims to become Tesla's main rival for high-end electric, is well aware of it; despite this very high-sounding premise, today Lucid has managed to produce and deliver only a few hundred vehicles, even if the company claims to be respecting the new schedule - announced in February - which will lead it to have produced 12,000 units by end of 2022.

Last February Lucid disappointed investors and potential customers, claiming that he had a problem with production in the Arizona factory, and was therefore forced to reduce production forecasts with decidedly disastrous consequences also on value of the company's shares, which today are worth 2/3 less than the peak reached last November.

"Similarly to many other companies in the automotive industry, we are also doing you have to deal with the difficulties related to the supply of materials and components, caused by Covid and the Chinese lockdowns. " Said Sherry House, Lucid's CFO.| ); }
Lucid has economic reserves of about $ 5 and a half billion, more than enough to survive the whole of 2023; if the company manages to pick up a good pace in the production of its cars, the situation will undoubtedly improve and we will begin to see the first Lucid Air on the roads.

EV Startup Lucid to Raise Vehicle Prices as Losses Narrow

Electric car maker Lucid Group Inc. reported narrower losses in the first quarter of 2022, and said it would increase vehicle prices starting in June, citing a changing environment from when it first set pricing in September 2020.

Lucid said Thursday that it recorded a net loss of $81.3 million in the January-to-March period, compared with a $2.9 billion loss in the same year-ago period. The company stuck with its production outlook of 12,000 to 14,000 vehicles in 2022, a forecast it reduced earlier this year citing supply-chain disruptions and trouble getting parts such as glass and carpet. Lucid said it continues to face logistics challenges, citing factory shutdowns in China related to Covid-19</a>.