Lucid expects to have built between 6,000 and 7,000 examples of the Air sedan by the time 2022 comes to a close.
Figures released by the electric car manufacturer reveal that it delivered 679 vehicles in the second quarter, an increase from the 360 deliveries that it made in the first quarter. It ended the first half of the year having built 1,405 examples of the Air.
Lucid had originally intended on building 20,000 vehicles for 2022 and in February, cut its forecast to between 12,000 and 14,000 units. It has further cut forecasts due to supply chain and logistics challenges.
“Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered,” Lucid chief executive and chief technology officer Peter Rawlinson said. “We’ve identified the primary bottlenecks, and we are taking appropriate measures – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization.”
While Lucid has had to cut its production forecast, it did end the first half of the year with 37,000 customer reservations, representing potential sales of approximately $3.5 billion.
“Our Q2 revenue was $97.3 million, primarily driven by higher customer deliveries of Lucid Air vehicles,” added Lucid chief financial officer Sherry House. “We continue to have a strong balance sheet, closing the quarter with $4.6 billion cash, cash equivalents and investments, which we believe is sufficient to fund the Company well into 2023. Despite our immediate challenges, we believe that bringing our logistics center on-site at our Arizona factory will help reduce complexity, cut down lead times, and reduce various costs.”
In June, the car manufacturer announced the formation of Lucid Financial Services that will offer lease and loan options for those that don’t want to purchase an EV outright.