August 19, 2022

Lucid (LCID) Earnings and Production Forecast for Q2 2022

Lucid (LCID) Earnings and Production Forecast for Q2 2022

Lucid Motors CEO Peter Rawlinson poses at the Nasdaq market position as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq Stock Exchange after completing its business merger with Churchill Capital Corp. IV in New York City, New York, July 26, 2021.

Andrew Kelly | Reuters

electric car maker Lucid Group It again lowered production targets on Wednesday as supply chain and logistics challenges mean the company’s electric vehicle demand far exceeds its production.

The company said it now has more than 37,000 reservations for its Air luxury electric sedan, up from More than 30,000 in May – But it delivered only 679 cars in the second quarter. In February, she said she expected construction Between 12,000 and 14,000 vehicles in 2022down from the original forecast of 20,000.

It cut full-year delivery guidance a second time, said it now expects to deliver just 6,000 to 7,000 vehicles in 2022, and announced a new executive to lead operations.

Lucid shares were down about 12% in after-hours trading following the news.

The announcements came at a time when Lucid . reported Second quarter results. Here are the key numbers:

  • he won: $97.3 million
  • share loss: 33 cents
  • Vehicles Delivered: 679

“Our revised production guidelines reflect the extraordinary supply chain and logistical challenges we have faced,” CEO Peter Rawlinson said in a statement. “We have identified key bottlenecks, and are taking appropriate measures — bringing our logistics operations in-house, adding key employees to the executive team, and restructuring our logistics and manufacturing organization.”

Earlier this year, Lucid cited supply chain issues around semiconductor wafers as well as core components like glass and carpet as reasons for the reduction.

Rawlinson told CNBC in an interview that the process of working through supply chain issues has forced the company to face another set of bottlenecks.

“It really exposed the next level of challenges, the immaturity of our logistics systems,” Rawlinson said, explaining that Lucid is in the process of bringing freight and other services within the company.

To help address the issues, Lucid announced on Wednesday that it has hired Stilants Veteran Stephen David will serve as Senior Vice President of Operations, where he is responsible for the company’s manufacturing, logistics, and quality control efforts.

CFO Sherry House told CNBC that the company’s total reservation of 37,000 does not include any reservations for the upcoming Gravity SUV or any of the vehicles ordered by the Saudi Arabian government.

Lucid said in April that the government of Saudi Arabia had done so It agreed to buy up to 100,000 of its cars over the next ten years. The State Public Wealth Fund is a major investor in Lucid, owning approximately 62% of the company’s shares.

House said Lucid had $4.6 billion in cash and cash at the end of the second quarter, down from $5.4 billion at the end of March, but enough to fund operations “through 2023.”

This is an evolving story. . Please check back for updates