Luxury electric car maker Lucid Motors has set its sights on a modest production target of just 9,000 vehicles in 2024, a mere 500 to 1,000 increase from the previous year. This projection is a stark reminder of the challenges the company faces in meeting the demand for its high-end sedans. It also serves as a stark contrast to its optimistic goal of producing 90,000 EVs by 2024, set three years prior when it went public.
The huge disparity between these new figures and the earlier expectations highlights the leeway that companies like Lucid had in promoting the reverse mergers that helped them go public. However, it also serves as a reminder of the current reality for Lucid – the need to secure buyers and cover losses with each EV produced.
On Wednesday, alongside its financial results for the previous year, Lucid announced its production goals for 2024. The company reported a significant loss of $2.8 billion in 2023. This conservative projection comes just days after it slashed the prices of its flagship Air sedan by $8,000.
CEO Peter Rawlinson has been vocal about the importance of improving sales and marketing efforts for Lucid while also pinning hopes on the upcoming Gravity SUV to provide a much-needed boost. Originally, the Gravity was expected to outsell the Air sedan in 2024, as per the presentation used to market the 2021 merger with a special purpose acquisition company. However, due to several supply chain and production issues, the launch of the SUV was pushed back to November 2023, and Lucid now plans to begin production by the end of this year.
