Lucid Motors, a fledgling maker of electrical automobiles, on Monday considerably scaled again its manufacturing objectives for the yr, citing provide chain issues.
The corporate disclosed the brand new targets as a part of its 2021 earnings report and can almost certainly disappoint traders who had seen the corporate as a severe challenger to Tesla. Lucid shares fell in after-hours buying and selling.
Lucid mentioned it anticipated to provide 12,000 to 14,000 automobiles this yr at its manufacturing facility in Arizona, down from the 20,000 that its chief government, Peter Rawlinson, a former Tesla engineer, set as a aim final November.
Lucid mentioned that 25,000 prospects had positioned reservations for its automobiles, which might translate into $2.4 billion in gross sales. Up to now the corporate has delivered about 300 automobiles.
The corporate reported a lack of $1 billion for the three months by means of December, in contrast with a lack of $311 million a yr earlier. Gross sales have been $26.4 million, in contrast with $3.6 million within the fourth quarter of 2020. Lucid mentioned it had $6.2 billion in money on the finish of 2021, and in addition introduced plans to construct a second manufacturing facility, in Saudi Arabia. The oil kingdom’s sovereign wealth fund is without doubt one of the largest traders in Lucid.
“We stay assured in our potential to seize the super alternatives forward given our know-how management and powerful demand for our automobiles,” Mr. Rawlinson mentioned in a press release.
Lucid’s first automobile, the $169,000 Lucid Air Dream Version sedan, received reward for its workmanship and the flexibility to journey a file 520 miles on a single cost. MotorTrend journal declared it the automobile of the yr. The corporate’s inventory surged final fall as inventory market traders turned more and more enthusiastic in regards to the prospects for electrical automobiles.
However the shares have slumped since peaking in November as traders waited to see if Lucid may make automobiles in giant numbers and change into a severe challenger to Tesla, which practically doubled its world gross sales in 2021.
“It’s been our determination to not compromise high quality for amount,” Mr. Rawlinson mentioned in an interview on Monday night, including that he was “extra bullish than ever” in regards to the firm’s potential to supply extra inexpensive automobiles and an S.U.V.
He mentioned the availability issues have been associated to comparatively low-tech merchandise like exterior trim somewhat than the semiconductor shortages which have plagued different carmakers.
The leap from prototype to mass manufacturing has been tough for different start-ups, too. Shares of Rivian, a maker of electrical pickup vans that additionally obtained rave evaluations, have plummeted after the corporate didn’t to satisfy a modest aim of manufacturing 1,200 automobiles for particular person consumers in 2021.