Lucid Lucid slashes 2022 production forecast after rough second quarter

Lucid Motors cut its 2022 production forecast in half to between 6,000 and 7,000 units of the Air executive sedan after delivering just 679 vehicles in the second quarter. Revenue was $97.3 million and cash on hand was $4.6 billion.

EV maker Lucid halves 2022 production forecast as supply chain snarls hit

Aug 3 (Reuters) - Lucid Group (LCID.O) on Wednesday halved its production forecast for electric vehicles, blaming extraordinary supply chain and logistics challenges, sending its shares down 10% after the bell.

The company now expects to produce between 6,000 and 7,000 luxury electric vehicles this year, down from 12,000 to 14,000 units it targeted in February.

However, the company said it had 37,000 reservations for its vehicles which represented potential sales of about $3.5 billion, up from 30,000 pre-orders it reported in the first quarter.

Earlier in May, the company had raised prices for most models, citing soaring commodity costs.

EV makers have been hit by a shortage of essential components including chips and soaring commodity prices for batteries exacerbated by the Russian invasion of Ukraine.

Chief Executive Officer Peter Rawlinson said at a conference in May that he was concerned about chip supplies from China due to pandemic-related lockdowns.

In September, Lucid said it was on track to hit its goal of producing 20,000 vehicles in 2022.


Continue reading...

 

[tristatez28lt1]

Rivian and Lucid really are in trouble. Not even ten thousand cars is mad! That’s a production capacity of 10% - 15% and 60% of Ferrari in 2022. it’s also around 130 cars / week. Tesla does 30.000 to 40.000 cars / week. Even the other start ups such as MG, NIO, Xpeng, Polestar are miles ahead.

 

[Sunny]

Rivian and Lucid really are in trouble. Not even ten thousand cars is mad! That’s a production capacity of 10% - 15% and 60% of Ferrari in 2022. it’s also around 130 cars / week. Tesla does 30.000 to 40.000 cars / week. Even the other start ups such as MG, NIO, Xpeng, Polestar are miles ahead.

Agree on Lucid. But come on, Polestar is not a "startup". It is a repurposed brand selling Geely manufactured vehicles.

ps. And out of curiosity, I checked - Polestar sold just 4.5k cars in US in 2021 (it's first full year of sales here). Given 2022 is the first full year for Rivian and Lucid, Rivian already comfortably broke that (~6k already in H1). Lucid should too by end of year if they meet the revised numbers. And both are doing it with way more expensive model than Polestar (especially Lucid).

But yes, if they don't accelerate growth, they will be in trouble.

 

[Jo_Sta7]

Rivian and Lucid really are in trouble. Not even ten thousand cars is mad! That’s a production capacity of 10% - 15% and 60% of Ferrari in 2022. it’s also around 130 cars / week. Tesla does 30.000 to 40.000 cars / week. Even the other start ups such as MG, NIO, Xpeng, Polestar are miles ahead.

Rivian will be fine. Production ramp up on schedule. Lucid seems to be behind schedule. Supply chain issues are killing auto manufacturers across the board.

 

[tristatez28lt1]

Agree on Lucid. But come on, Polestar is not a "startup". It is a repurposed brand selling Geely manufactured vehicles.

ps. And out of curiosity, I checked - Polestar sold just 4.5k cars in US in 2021 (it's first full year of sales here). Given 2022 is the first full year for Rivian and Lucid, Rivian already comfortably broke that (~6k already in H1). Lucid should too by end of year if they meet the revised numbers. And both are doing it with way more expensive model than Polestar (especially Lucid).

But yes, if they don't accelerate growth, they will be in trouble.

Good point. The other brands (NIO, MG, Xpeng) don’t sell in the US yet. I wonder when they will enter that lucrative market. Could be the perception of a Chinese brand that’s not appreciated in the USA.

 

[BMW4ever]

The dreaded, catch-all, 'supply chain issues'. Hang that son of a gun! He's everywhere.

Or could it be that in a recession - yes, yes, they changed the def. to make it not so - and actual depression - US oligarchs, or the 0.1%, are just not interested in 0-60 in 3 seconds, the definition of a froth economy, rather, either not advertising their obscene wealth, to the now on a hair-trigger of revolting peasants, and in the US they have guns, not just pitchforks and tractors of animal dung(Holland), and these oligarchs are averse to lead poisoning, see this sucker as just a toy, a rather expensive one, even for them, ~$150k, for what is essentially just another amusement park ride - 'let's go for a ride, and I'll show you how fast it is' - 'what do we do now?'.

BMW has got it right again. The market for very expensive EVs is chauffeur-driven, hence the i7. How many very rich, 50-, 60-somethings, want to tear around the streets, or drive hours, at the speed limit. They either fly, private jet, or get chauffeured. Very rich petrolheads, including EVs, buy performance stuff like the Taycan, Plaid, or Rimac, for instance.

That number is vanishingly small, in comparison to chauffeur-driven.

Lucid - or not so lucid, clear-seeing - have just found out what most decent marketeers, top car execs already knew, that very high-end cars are either for performance, self-driven, or for ostentatious to-be-driven-in.

A 4-door, 5 metre, saloon, with not full stretch out space in the back, is irrelevant, whether it's 0-60 mph in 4 seconds or 2.5.

The EQS is the nearest, and hence why it too is dying a death - a solution to a need no one has. The i7 is the solution - chauffeur-driven - as is the iX - rich soccer moms - and the i4 - reasonably affordable, decent to drive for petrolheads.

The Tesla Model S - excepting Plaid - died for a reason - it was the forerunner to the Lucid Air. Too small, cramped in the back to be a limo, to low, not an SUV to be, er, an SUV, too expensive to be a mass model. Hence why the Model 3, or the jacked up version, the Y, saved Tesla, in the period, 2018-2021.

It's not 'supply chain'. It's demand - the absence of it.

 

[Jo_Sta7]

Do you own a business? Operate a business? I can tell you, supply chain issues are no joke. You aren’t wrong about lucid, necessarily. It’s definitely a niche car market they entered that to me doesn’t justify valuation at all. But this is hurting all manufacturers. My new cayenne has been sitting at the dealer for 2 months waiting for parts. Particularly the radio. Ridiculous.

 

[KiwiRob]

Rivian and Lucid really are in trouble. Not even ten thousand cars is mad! That’s a production capacity of 10% - 15% and 60% of Ferrari in 2022. it’s also around 130 cars / week. Tesla does 30.000 to 40.000 cars / week. Even the other start ups such as MG, NIO, Xpeng, Polestar are miles ahead.

tesla has how many factories?

 

[BMW4ever]

Do you own a business? Operate a business? I can tell you, supply chain issues are no joke. You aren’t wrong about lucid, necessarily. It’s definitely a niche car market they entered that to me doesn’t justify valuation at all. But this is hurting all manufacturers. My new cayenne has been sitting at the dealer for 2 months waiting for parts. Particularly the radio. Ridiculous.

Cayenne of course is a common car, VAG MLB. VAG is not in great shape. Diess was booted because of the big job cuts, but also because the whole business is rocky, rocking, There's no reason now why there should be shortages like that. Bad management. Excelling Porsche is contaminated by the behemoth VW's/AVG's culture, hence why the supervisory board/Porsche and Piech clans, chose Porsche boss Blume.

Kick up a fuss, threaten to walk away.

We're on the cusp of a never seen before depression, which will snap all these 'shortages' into massive stocks of unwanted, unsaleable goods, including mass production Porsches.

Enjoy it when you get it. Life's too short.

 

[tristatez28lt1]

Lol

Elon Musk Trolls The Slow Production Rate Of Lucid Motors On Twitter | Carscoops

The CEO of Tesla took a hard hit on its competitor, replying to a financial advisor's tweet

www.carscoops.com

 

[Matski]

Lol

Elon Musk Trolls The Slow Production Rate Of Lucid Motors On Twitter | Carscoops

The CEO of Tesla took a hard hit on its competitor, replying to a financial advisor's tweet

www.carscoops.com

Not lol. Not lol at all.

 

[martinbo]

Not lol. Not lol at all.

I got click-baited and went to read that article. Holy crap - it’s so badly written. More like carpoopscoops.

 

[SCOTT27]

When I see all these tech start-ups and venture capitalists investing in Electric automotive start-ups it reminds me of the Fyre fiasco. If you can remember that Lord Of The Flies to a Techno beat with a cheese sandwich on Pablo Escobar's Secret island. There is a good documentary on Netflix about that which is eye opening but shows how the fraud continued afterwards.

Are these automotive foundations built on Sand?
In some cases the end product does not meet the promise and quality control is just a word. Mind you I used to think that about Tesla who now have a German manufacturing base so they join us at ADAC in Berlin taking politicians to task. For all of its actual deserved success Tesla is not an American success story in the eyes of the current administration neither is SpaceX for all its achievements.