Lucid EV production on track to meet 2022 guidance

Electric automobile commence-up Lucid on Sept. 28, 2021 stated production of its very first vehicles for buyers has begun at its manufacturing unit in in Casa Grande, Arizona.


Electric powered luxurious car or truck maker Lucid Group confirmed Wednesday that it remains on observe to produce concerning 6,000 and 7,000 cars in 2022, in line with the much more conservative steerage it presented to investors in August.

Lucid’s shares opened much more than 5% bigger adhering to the news in advance of giving up some of those people gains. The inventory was up around 2% in midmorning buying and selling.

The firm said in a statement that it manufactured 2,282 automobiles at its Arizona factory in the third quarter. It shipped 1,398 autos to clients all through the very same period.  

Lucid has two times reduce its output steerage for 2022. The California-based startup experienced originally anticipated to establish 20,000 of its Air electric powered luxury sedans this calendar year. It decreased that concentrate on to between 12,000 and 14,000 autos in February, stating at the time that worldwide supply chain issues experienced hampered its ability to acquire fundamental principles like glass and carpet.

The corporation diminished its direction yet again in August, to involving 6,000 and 7,000 motor vehicles for the 12 months, citing logistics issues as nicely as ongoing supply chain problems. At that time, Lucid mentioned it had about 37,000 reservations for the Air.  

Lucid is scheduled to report its total third-quarter outcomes after the U.S. marketplaces shut on Nov. 8.