Lucid Motors Cuts 2022 Production Forecast Again

, but it now appears to have quickly hit a wall, delivering just 679 sedans in the second quarter. That's a serious dent for an automaker that has some 37,000 reservations for various versions of the Air, many of them priced north of $100,000.

This week the EV maker has appointed a new senior vice president of operations, Steven David, who will serve in this newly created role, bringing experience from Stellantis. "Our Q2 revenue was $97.3 million, primarily driven by higher customer deliveries of Lucid Air vehicles. We continue to have a strong balance sheet, closing the quarter with $4.6 billion cash, cash equivalents and investments, which we believe is sufficient to fund the company well into 2023," said Sherry House, Lucid CFO.

"Despite our immediate challenges, we believe that bringing our logistics center on-site at our Arizona factory will help reduce complexity, cut down lead times, and reduce various costs," House added.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Lucid Cuts 2022 Production Forecast Once Again To 6,000-7,000 EVsLucid's Q2 financial results also reveal that the company delivered 679 vehicles in Q2—up from 360 in Q1—and built 1,405 in the first half of the year.
Source: InsideEVs - 🏆 579. / 51 Read more »

2022 NFL Mascots: How Much Do They Make and How Many Are There?Here's everything you never even knew you wanted to know about the 27 current mascots in the NFL.
Source: NBCNewYork - 🏆 270. / 63 Read more »

Lamborghini posts record performance for first half 2022Italian automaker Lamborghini has reported revenue of 1.33 billion euros, or $1.36 billion at current exchange, a 30.6 percent increase year-over-year.
Source: LuxuryDaily - 🏆 325. / 59 Read more »

The best movies on Apple TV+ right now (August 2022) | Digital TrendsAppleTV+ is a great place to get your fix of cinematic content, even though the list of titles is still rather small.
Source: DigitalTrends - 🏆 95. / 65 Read more »

Best LEGO for adults in Canada 2022: A set for everyoneNew sets, classic sets, a set for every interest
Source: TheStarPhoenix - 🏆 253. / 63 Read more »

Here are the 10 cheapest US cities for renters in 2022Rents in many U.S. cities continue to remain high, particularly along the coasts. But renters in the heartland are enjoying more affordable prices, as well as some areas of the South.
Source: FOXLA - 🏆 445. / 53 Read more »