Quite the drop if chip shortages aren’t the main factor. Currently, Lucid is forecasting production of 12,000 to 14,000 units in 2022, and 34,000 in 2023.
With the Q4 report at the end of February, Lucid slashed production forecasts by a large margin – a 35% cut to 2022 and a 30.6% cut to 2023. Lucid hit the market fresh off its SPAC deal projecting 20,000 units production in 2022 and 49,000 units in 2023, which it left unchanged through Q3. However, given that chip shortages are expected to persist, while supply chain disruptions ratchet up and battery material prices surge, Lucid is still feeling cost inflation that can adversely impact the bottom line, and increase initial production costs, not to mention production volumes. Lucid may be able to weather the chip shortage better than most other EV startups, signing an agreement with NVIDIA for chips. CEO Peter Rawlinson did not specially mention chips or batteries, the two major constraints affecting OEMs, but rather pointed to “ commodity suppliers: finishes, carpets, glass” and more as the constraints to production that Lucid is seeing. Industry headwinds look to be quite the challenge ahead, with Lucid feeling impacts from supply chain issues and material shortages. As EVs continue to face challenges in the near-term, and Lucid deals with production impacts and decreased volume levels, the company’s attempts to expand internationally to Europe this year may be a bit too ambitious, while a Saudi government-linked order eases longer-term international plans. As such, Lucid is just managing to hold on to a $30 billion valuation again, putting it just head of rival startup Rivian ( RIVN ) and $8 billion above NIO ( NIO ) Lucid is still just about half the size of established ICE-leaders-turned-EV-players Ford ( F ) and GM ( GM ). Shares have fallen nearly to 52-week lows, losing over 67% since November highs. Shares of Lucid Motors lost around 25% in April as the market battles recession risk, inflation, and China growth pains, and its EV industry faces chip, parts, and metals shortages and cost inflation. Lucid Motors ( NASDAQ: LCID) aims for international expansion this year while production volume forecasts face large cuts. JannHuizenga/iStock Unreleased via Getty Images
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