Courtesy: Lucid Motors
Lucid Group is chopping its automobile manufacturing forecast for this 12 months by as a lot as 40%, sending shares of the electrical car start-up tumbling 13% throughout after hours buying and selling.
The corporate on Monday cited provide chain constraints for slashing manufacturing to between 12,000 and 14,000 automobiles, down from preliminary expectations of 20,000.
“This displays the extraordinary provide chain and logistics challenges we have encountered and our unrelenting deal with delivering the highest-quality merchandise,” Lucid CEO Peter Rawlinson mentioned in an announcement. “We stay assured in our skill to seize the great alternatives forward given our know-how management and powerful demand for our automobiles.”
The corporate’s first electrical car is named the Lucid Air sedan. Since starting retail manufacturing within the fall, the corporate has produced greater than 400 of the automobiles at a brand new manufacturing facility in Arizona. It has delivered greater than 300 of these items to prospects, together with 125 items throughout the fourth quarter, the corporate mentioned Monday.
Shares of Lucid, which went public in July by means of a SPAC deal, closed Monday at $28.98 a share, up by 10%. The corporate’s market cap is $47.7 billion.
Lucid mentioned it has taken over 25,000 buyer reservations as of Monday, reflecting potential gross sales of greater than $2.4B. That is up from greater than 20,000 in November.
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