Lucid Cuts Its Guidance Again. Here's What That Means for EV Investors
Peter Rawlinson spent time working with Elon Musk before he joined Lucid Group (NASDAQ: LCID), first as its chief technology officer and then also as its CEO. He's now finding out firsthand what Musk meant when he famously said "Production is hard" as he worked to help turn Tesla profitable.
Lucid began production of its high-performance electric sedans late last year expecting to manufacture 20,000 of them in 2022. For the second time this year, however, the company has cut its guidance. When it reported its second-quarter results Wednesday, Lucid said it now expects to produce only 6,000 to 7,000 vehicles this year.
Rawlinson summarized Lucid's production issues saying the company was experiencing "extraordinary supply chain and logistics challenges." It only delivered 679 EVs in the second quarter, generating revenue of $97.3 million. Analysts had expected the company to bring in revenue of about $147 million.
Source Fool.com
