EV maker Lucid Motors said on Tuesday it now expects to produce between 18,000 and 20,000 vehicles in 2025, trimming its annual guidance from the previous target of 20,000 units.
The EV maker produced 6,075 vehicles in the first half of the year.
To meet its original target, the Newark-headquartered EV maker would need to more than double the pace and manufacture nearly 14,000 units between July and December.
In 2022, the first full year of production, the company manufactured 7,180 vehicles. In 2023 and 2024, the EV maker produced 8,428 and 9,029 units, respectively.
In May 2021, Lucid projected it would deliver 20,000 vehicles in 2022, rising to 49,000 in 2023, 90,000 in 2024, and 135,000 in 2025.
Actual results have fallen well short of those targets. The company delivered just 4,369 vehicles in 2022, 6,001 in 2023, and 10,241 in 2024.
Earlier this week, Cantor Fitzgerald analyst Andres Sheppard said in a new research note that the firm was seeing a possible production guidance cut as “a possible scenario.”
“For FY25 LCID is currently guiding 20,000 vehicles, though we see a possible scenario where LCID could revise down its guidance,” Sheppard wrote on Monday.
Lucid delivered 3,309 vehicles in the second quarter of the year, compared with Cantor’s estimate of 3,791 and Visible Alpha consensus of 3,611.
Production stood at 3,863 units, also below the firm’s forecast of 4,000 and consensus of 4,305. For the full year 2024, Lucid had delivered 10,241 vehicles and produced 9,029.
As of the time of writing, Lucid shares are trading 6% lower following the release of the second quarter results.
The company posted a second quarter revenue of $259.4 million and said it ended the second quarter with approximately $4.86 billion in total liquidity.
Lucid reported a GAAP net loss of $0.28 per diluted share and a non-GAAP net loss of $0.24 per diluted share.
