By Dhirendra Tripathi
Investing.com – Lucid Group, Inc. (NASDAQ:LCID) stock plunged 12.6% in premarket trading Tuesday after the EV-maker cut its production forecast for this year due to "extraordinary supply chain and logistics challenges”.
The company, touted as one of the most potent challengers to Tesla, expects to produce 12,000 to 14,000 vehicles in 2022, down from its previous goal of 20,000.
Automakers have struggled with shortage of parts for more than a year due to pandemic-induced supply constraints as well as surging demand for semiconductor chips from end-users of all hues.
The startup delivered 125 cars to customers last year, falling short of its 2021 production target of 577 vehicles.
Lucid’s net loss more than tripled to $1.05 billion. Revenue was over $26 million.
Lucid also said it will build a new manufacturing facility in the Kingdom of Saudi Arabia. Construction will start in the first half of this year, with a goal to manufacture up to 150,000 vehicles a year at its peak. This will be the company’s first international plant. Saudi Arabia's Public Investment Fund holds a nearly 63% stake in the company.
Lucid’s Air Dream Edition range of cars is certified by the Environmental Protection Agency as the best in class, even outstripping the Tesla (NASDAQ:TSLA) models. Its 9-inch wheel has a rating of 520 miles on one full charge, making it the longest-range EV ever rated by the body.