U.S. electric car maker Lucid on Wednesday cut its production forecast for the year by half, citing unusual supply chain and logistics challenges. The company now expects to produce 6,000 to 7,000 luxury electric vehicles this year, down from a target of 12,000 to 14,000 set in February.
However, the company said it has received advance orders for 37,000 units, which implies potential sales of about $3.5 billion, up from the 30,000 reservations reported in the first quarter.
Lucid raised prices on most models earlier this year in May, citing soaring commodity costs.
