Lucid cut the price of the Air Pure model by $5,000 from $87,400 to $82,400, while slashing the prices of the more high-end Touring and Grand Touring versions by $12,400. The Touring now costs $95,000, while the Grand Touring retails for $125,600.

Tesla sparked the ongoing price war by slashing the price of its Model S and Model S Plaid (the performance version) from $104,990 and $135,990 to $88,490 and $108,490 respectively at the start of the year.

Since the Covid pandemic, Lucid has struggled with rising raw material costs along with supply chain bottlenecks that have affected the automotive industry at large. The company is expected to report sustained losses when it releases its second-quarter earnings on Monday.

The post Lucid Slashes Price of Air Sedan to Remain Competitive in EV Market appeared first on theprimarymarket.com.

Releasing its Q2 report late on Wednesday, Lucid revealed that it expects to make somewhere between 6,000 to 7,000 cars in 2022. This means that the company cut its projections in half, considering that the first-quarter report had the guidance of 12,000-14,000 produced cars. The number also becomes more worrying when you know that Lucid started the year expecting to produce 20,000 cars.

Lucid produced 1,405 EVs in 2022 and delivered 679 units in Q2. The company’s slow pace was attributed to supply chain and logistics challenges, according to CEO Peter Rawlinson.

“We’ve identified the primary bottlenecks, and we are taking appropriate measures – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization,” Rawlinson explained.

Shares of Lucid seemed to progress well in recent weeks after losing almost 50% of their value year to date. However, the lower production forecast has put an end to this positive trend. After closing at $20.56 on Wednesday, Lucid’s stock has dipped to $18.15 after hours.

The post EV Maker Lucid’s Stock Plunges 12% Amid Lower Production Forecast appeared first on theprimarymarket.com.

Lucid cut the price of the Air Pure model by $5,000 from $87,400 to $82,400, while slashing the prices of the more high-end Touring and Grand Touring versions by $12,400. The Touring now costs $95,000, while the Grand Touring retails for $125,600.

Tesla sparked the ongoing price war by slashing the price of its Model S and Model S Plaid (the performance version) from $104,990 and $135,990 to $88,490 and $108,490 respectively at the start of the year.

Since the Covid pandemic, Lucid has struggled with rising raw material costs along with supply chain bottlenecks that have affected the automotive industry at large. The company is expected to report sustained losses when it releases its second-quarter earnings on Monday.

The post Lucid Slashes Price of Air Sedan to Remain Competitive in EV Market appeared first on theprimarymarket.com.

Releasing its Q2 report late on Wednesday, Lucid revealed that it expects to make somewhere between 6,000 to 7,000 cars in 2022. This means that the company cut its projections in half, considering that the first-quarter report had the guidance of 12,000-14,000 produced cars. The number also becomes more worrying when you know that Lucid started the year expecting to produce 20,000 cars.

Lucid produced 1,405 EVs in 2022 and delivered 679 units in Q2. The company’s slow pace was attributed to supply chain and logistics challenges, according to CEO Peter Rawlinson.

“We’ve identified the primary bottlenecks, and we are taking appropriate measures – bringing our logistics operations in-house, adding key hires to the executive team, and restructuring our logistics and manufacturing organization,” Rawlinson explained.

Shares of Lucid seemed to progress well in recent weeks after losing almost 50% of their value year to date. However, the lower production forecast has put an end to this positive trend. After closing at $20.56 on Wednesday, Lucid’s stock has dipped to $18.15 after hours.

The post EV Maker Lucid’s Stock Plunges 12% Amid Lower Production Forecast appeared first on theprimarymarket.com.