"Lucid Motors' 2024 EV Production Slashed to 9,000 Units, Stock Drops 5%"
TL;DR Summary
Lucid Motors plans to produce only 9,000 electric vehicles in 2024, a significant drop from its initial prediction of 90,000, reflecting its struggle with demand and financial losses. The company's CEO aims to improve sales and marketing efforts, with hopes pinned on the upcoming Gravity SUV. Lucid faces supply chain and production challenges, but is banking on new models and technology licensing agreements to boost its prospects, including a deal with Aston Martin and a potential market growth in Saudi Arabia.
Topics:business#business-automotive#electric-vehicles#financial-results#lucid-motors#luxury-sedans#production-targets
- Lucid Motors will only build 9,000 EVs in 2024 after once predicting it would ship 90,000 TechCrunch
- Lucid Announces Fourth Quarter and Full Year 2023 Financial Results | Lucid Group, Inc. Lucid Group
- Lucid forecasts annual vehicle production below estimates Yahoo Finance
- Lucid’s stock drops nearly 5% as losses mount for the EV startup MarketWatch
- Where Will Lucid Stock Be in 5 Years? The Motley Fool
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