Business

Lucid Motors slashes annual electric vehicle production target again, to less than 10,000 units this year, shares plunge 13% after hours

Shares of U.S. luxury electric vehicle startup Lucid Motors plunged 13 percent in after-hours trading on Wednesday after the company cut its production target in half to 6,000 to 7,000 units this year. This is the second time Lucid has lowered its production target for this year; it started with a 20,000-unit target for 2022 along with unknown Harga motor.

Lucid said it produced a total of 1,405 vehicles in the first half of the year and lowered its full-year production target due to “extraordinary supply chain and logistics challenges.

Because production volumes were so low, Lucid missed sales targets and reported revenue of $97.3 million last quarter, well short of the $147.5 million market estimate compiled by Bloomberg. Lucid still had $4.6 billion in cash and cash equivalents at the end of last quarter, which CFO Sherry House said was enough to keep the company afloat until 2023. Lucid shares fell 12.6% to $17.97 per share after the close of trading on the 3rd, down more than 46% so far this year.