All articles tagged with #production targets
Samsung expects the Galaxy Z Fold 7 and Flip 7 to outsell previous models, with higher production targets, while the Galaxy Z Flip 7 FE is produced in much smaller quantities due to its limited appeal and high price. The company anticipates strong demand for the foldables, especially the Fold 7, despite skepticism about the Flip 7 FE's market performance.
Lucid reported a 38% increase in second-quarter EV deliveries to 3,309 units, missing Wall Street estimates of 3,611 due to softer demand for luxury models amid economic uncertainty and high interest rates. Despite missing estimates, the company maintained its annual production targets, focusing on expanding its vehicle lineup with new models like the Gravity SUV and a mid-size car aimed at the $50,000 market. The broader EV market faces challenges from tariffs and rising costs, impacting automakers' strategies.
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.
Apple has warned India that its local production targets will be impacted if the country implements a European Union (EU) rule requiring smartphones to have a universal USB-C charging port. While other manufacturers have agreed to India's plan, Apple is pushing back, stating that it will struggle to meet production targets set under India's production-linked incentive (PLI) scheme if existing iPhone models are not exempted from the rules. Apple argues that the design of earlier products cannot be changed, and a natural transition period should be given. India wants to implement the EU charging port rule by June 2025, six months after the EU deadline.
Lucid stock (LCID) tumbled as the luxury electric vehicle maker announced second quarter deliveries that missed Wall Street expectations. The company delivered 1,404 vehicles, falling short of the estimated 1,873, and produced 2,173 vehicles in the quarter. Lucid's struggle to meet expectations contrasts with rivals like Rivian and legacy automakers like GM and Ford, which have met or exceeded their EV production targets. The high price tag of Lucid's sole EV, starting at $90,000, may be impacting demand. However, the company did strike a "long-term strategic technology partnership" with Aston Martin to supply components for future Aston Martin EVs.
Apple has reportedly reduced its production targets for the Vision Pro headset by over 50% due to manufacturing difficulties caused by its complex design. The company is now expected to produce fewer than 400,000 units in 2024, down from an initial target of 1 million units. The creation of high-resolution inward displays and projecting the wearer's eyes to the outside world are cited as major challenges. Plans for a cheaper version of the headset have also been delayed.
Lucid missed Wall Street's estimates, reporting a loss of 43 cents per share on revenue of roughly $149 million, far below expectations. The luxury EV maker built 2,314 vehicles and delivered 1,406 vehicles during the quarter. Lucid now expects to produce "more than 10,000" EVs this year vs. prior guidance for 10,000-14,000 EVs. Reservations have fallen recently, a sign of flagging demand. The report underscores the heightened emphasis being placed on cash burn and production targets for the EV startups, amid recession fears and the Lordstown warning.