Luxury electric car maker Lucid Group revised down its production forecast for this year due to extraordinary supply chain and logistics challenges, dropping its stake by 14%.
Citing Reuters (1/3), Lucid revised its target to only produce 12,000 to 14,000 vehicles this year. The target is down from the previously planned production of 20,000 vehicles.
Last year, the California-based startup also only delivered 125 cars to customers. This achievement is far from the target because they hope that in 2021 they can send as many as 577 vehicles.
In late October, Lucid began shipping the $169,000 Lucid Air premium electric sedan, which has an estimated range of 520 miles (835 km) per change, more mileage than rival Tesla.
The company posted a net loss of US$1.05 billion in the fourth quarter of 2021, more than triple its loss from the previous year.
In addition, Lucid Group, in which Saudi Arabia's Public Investment Fund (PIF) holds a nearly 63% stake, also announced plans to build a new manufacturing facility in the Kingdom of Saudi Arabia. Construction will begin in the first half of this year, with the aim of producing up to 150,000 vehicles per year at its peak.
Lucid currently operates a plant in the US state of Arizona, where it plans to increase capacity to 365,000 vehicles per year.
Not alone, other electric vehicle startups such as Rivian Automotive and Lordstown Motors, which have raised money on public listings, have also fallen short of their own production targets.