That you also need to accept the car in person in the 2022 calendar year. Some say that a binding contract in 2022 is not enough to qualify for the tax credit. The question is, will any of these “solutions” that any of the EV automakers are coming up with, actually work. He posted this in the Lucid Owners Forum saying “I got a reply from the VP of Sales and told me that they are aware of the situation and coming up with a solution for their customers.” One Lucid Air reservation holder said he received a response from Zak Edson, the VP of Sales at Lucid Motors, when he asked about the tax credit going away. Rivian is working up a plan and it sounds like Lucid Motors is working up a plan as well. In fact, The Verge reported that there is not a single EV on the market today, including the Lucid Air, that would qualify for the $7,500 tax credit under the new Inflation Reduction Act of 2022 bill.įisker has already announced its plan to help customers claim the tax credit, even if they do not receive the car by the end of 2022. Those losses were offset by sales growth in North America and Europe.EV makers tout big tax credits, $7,500 credit when you buy their electric vehicles, but those tax credits are very very likely to go away on January 1, 2023. And while, Ford was able to dodge those kind of results and actually beat Wall Street expectations on revenue and earnings, the company did say that supply chain constraints caused losses in its China business. GM saw a 40% drop in profits year-over-year. Lucid is hardly the only automaker to have supply chain issues cause production delays and, as a result, decimate sales. Lucid said it ended the quarter with $4.6 billion cash, cash equivalents, and investments, which it said is expected to fund the company well into 2023. That is nearly double the adjusted net loss of $218 million that Lucid reported in the second quarter of 2021. Lucid reported an earnings per share loss of 33 cents and adjusted net loss of $414 million. While the company, which went public last year, did see its Q2 revenue pop from $57.6 million in revenue in the first quarter and just $174,000 in the same period last year, it was still far below analysts’ expectations.Īnalysts surveyed by Yahoo Finance expected revenue of $145.5 million and an earnings per share loss of 36 cents. Lucid reported it generated $97.3 million in revenue in the second quarter. David, who has three decades of experience in manufacturing and operations, most recently headed up Stellantis’s component operations. Lucid also announced that it has hired longtime Stellantis employee Steven David as senior vice president of operations, a position that encompasses supply chain, logistics, manufacturing, and quality. I believe it’s my responsibility as the CEO to be here resolving issues and helping to onboard the new executives.” “ And I’ve been spending the vast majority of my time here, right here on the shop floor. “ I’m right here on the front line,” Rawlinson said as part of his prepared remarks ahead of questions from analysts. He added that Lucid is bringing its logistics operations in-house. Rawlinson attempted to soothe investors’ concerns during the earnings call with analysts, emphasizing that the company has identified the primary bottlenecks and have already taken steps to begin to remedy the situation. “Our revised production guidance reflects the extraordinary supply chain and logistics challenges we encountered,” said Rawlinson said in a statement. In the first half of the year, Lucid produced 1,405 vehicles and delivered 1,039 of them. It has failed to capitalize on that demand, delivering just 679 vehicles in the second quarter. The company reported it has more than 37,000 reservations for its Air sedan, a 23% increase from just a few months ago. Lucid doesn’t appear to have a demand problem. In February, Lucid adjusted that loftier goal down to 12,000 to 14,000 vehicles. That’s just a quarter of the 20,000 luxury Air sedans the company initially planned to produce n 2022. Lucid lowered its production guidance from 12,000 to 14,000 vehicles to 6,000 and 7,000 vehicles for the year.
Shares of Lucid fell more than 12% in after-market trading following the release of its second-quarter earnings, in which it provided the production guidance.
EV automaker Lucid Motors slashed its annual production guidance in half on Wednesday due to what CEO and CTO Peter Rawlinson described as “extraordinary supply chain and logistics challenges.”
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