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Benzinga
Benzinga
Business
Rachit Vats

Tesla Rival Lucid Cuts 2022 Production Target By Up To 40% Due To Extraordinary Supply Chain Issues

Lucid Tesla Inc. Nasdaq LCID

Luxury electric vehicle startup Lucid Group Inc (NASDAQ:LCID) on Monday significantly lowered production targets for this year, citing extraordinary supply chain and logistics challenges.

What Happened: The recently-listed electric vehicle maker, which has a manufacturing facility in Casa Grande, Arizona, said it now expects to produce between 12,000 to 14,000 Lucid Air models this year, much below the 20,000 units that it had forecast earlier.

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