Lucid Motors, an electric-car maker seen as a potential rival to Tesla, said on Thursday it delivered only a few hundred vehicles in the first three months of the year but insisted it was still on track to sell. get at least 12,000 units. end of 2022.
The company, led by a former top Tesla engineer, is considered one of the most promising electric vehicle startups. But it disappointed investors in February when it reported problems making enough cars at its Arizona plant to meet demand and slashed production forecasts. Lucid stock has lost two-thirds of its value since peaking in November.
Lucid said it is struggling to get the components it needs to meet the pre-order requests it has received for 30,000 vehicles. “Like many in our industry, we continue to face global logistics and supply chain challenges, including Covid-related factory closures in China.” Sherry House, Lucid’s chief financial officer, said in a statement Thursday.
Lucid delivered 360 vehicles in the first quarter, up from 125 in the previous quarter. The company reported a loss of $81 million for the first quarter of 2022 on revenue of $58 million. In the same quarter a year earlier, when the company’s revenue was negligible, Lucid posted a loss of $2.9 billion.
Lucid’s debut product, the $169,000 Lucid Air Dream Edition sedan, was named car of the year by MotorTrend magazine, which praised the car’s styling, workmanship, and nearly 520-mile range. car. Lucid and Tesla vehicles dominate the Environmental Protection Agency’s ranking of the most efficient electric vehicles.
But like many new car companies, Lucid has struggled to ramp up production. Peter Rawlinson, who built the Tesla Model S before founding Lucid, said in a statement Thursday that the situation is improving. “We continued to make progress in the first quarter of 2022 despite ongoing global supply chain challenges,” he said.
Lucid said Thursday it will raise prices on new bookings starting in June. The most affordable car will cost $87,400 before government incentives, and the most expensive one will be $179,000.
With $5.4 billion in cash reserves from investors, including Saudi Arabia’s sovereign wealth fund, they have enough money to continue to perform well into 2023, Lucid said.