Lucid Group is cutting its car production forecast for this year by as much as 40%, sending shares of the electric vehicle start-up tumbling 13% during after hours trading.
The company on Monday cited supply chain constraints for slashing production to between 12,000 and 14,000 vehicles, down from initial expectations of 20,000.
“This reflects the extraordinary supply chain and logistics challenges we’ve encountered and our unrelenting focus on delivering the highest-quality products,” Lucid CEO Peter Rawlinson said in a statement. “We remain confident in our ability to capture the tremendous opportunities ahead given our technology leadership and strong demand for our cars.”
This is a developing story. Check back for updates.