"Tesla Challenger Lucid Lowers Production Target Again This Year... Stock Plummets 13%"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Lucid, the American electric vehicle company dubbed the 'Tesla rival,' saw its stock price drop nearly 13% after once again lowering its production forecast for this year.

According to CNBC and other sources on the 3rd (local time), Lucid announced alongside its earnings report that its electric vehicle production forecast for this year is between 6,000 and 7,000 units. Earlier this year, Lucid had set a target of 20,000 units, which it revised down to 12,000?14,000 units in February. This marks an additional downward adjustment within six months.

Peter Rawlinson, Lucid's CEO, stated, "The revised production guidance reflects the exceptional supply chain issues and logistics challenges we are facing," adding, "We understand the key bottlenecks and are taking appropriate measures." He further explained that during the process of resolving semiconductor-related supply chain issues, the need to improve the logistics system was identified, and the company is taking steps to reorganize logistics and manufacturing processes overall.

Lucid also released its Q2 earnings on the same day. Revenue for Q2 was $97.3 million (approximately 127 billion KRW), significantly below market expectations of $147.5 million. The adjusted net loss recorded was $414.1 million. Lucid reported that it produced 1,405 vehicles and delivered 1,039 vehicles in the first half of this year. Among these, reservations for the Air luxury sedan exceeded 37,000 units, but only 679 vehicles were delivered in Q2.

Lucid's stock closed at $20.56, up 4.21% during regular trading hours, but fell nearly 13% in after-hours trading following the earnings announcement.

This content was produced with the assistance of AI translation services.