Courtesy: Lucid Motors
The company on Monday cited supply chain constraints and parts quality issues for slashing production to between 12,000 and 14,000 vehicles, down from initial expectations of 20,000.
“This reflects the extraordinary supply chain and logistics challenges we’ve encountered and our unrelenting focus on delivering the highest-quality products,” Lucid CEO Peter Rawlinson said in a statement. “We remain confident in our ability to capture the tremendous opportunities ahead given our technology leadership and strong demand for our cars.”
Shares of Lucid, which went public in July through a SPAC deal, closed Monday at $28.98 a share, up by 10%. The company’s market cap is $47.7 billion.
This is a developing story. Check back for updates.
Read More: Lucid slashes 2022 vehicle production forecast