“Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered,” Chief Executive Peter Rawlinson said in a statement. “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.”
Lucid reported a second-quarter loss of $555.3 million, or 33 cents a share, on revenue of $97.3 million, after a loss of $1.17 a share on no revenue a year ago.
Lucid is spending $650 for every $100 that they make.
Analysts on average were expecting a loss of 39 cents a share on sales of $145 million, according to FactSet. Lucid reported the delivery of 679 vehicles, up from 360 the quarter before, as the company continues to roll out early versions of its Lucid Air luxury sedan. Reservations for vehicles now top 37,000, up from 30,000 reported three months ago.
Lucid will spend $2 billion on a factory and is burning $1-2 billion a year in operations.
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