Lucid Motors, a Luxury EV maker is decreasing production for 2022 as they quote supply chain issues that they’re facing. Lucid said that they were decreasing production expectations to 12,000 to 14,000 vehicles from what they originally predicted.

Lucid CEO Peter Rawlinson said that this reflects the extraordinary supply chain and logistics challenges they faced and that their focus is on delivering the highest quality products. They say they’re confident in their ability to capture the opportunities ahead given the technology leadership and strong demand for our cars.

Lucid shares fell 14 percent in after-hours trading on the news; they also did not specify what issues were causing these problems they said they were facing. The company said the number of reservations for the Air sedan exceeded 25,000, reflecting a whopping $2.4 billion in sales, which is a big number because they reported only 20k reservations previously.

Lucid says they made over 300 deliveries, some of which have gone to executives and employees. Peter Rawlinson also said Lucid would delay the launch of their Gravity SUV until the first half of 2024 to ensure the best possible production.

Lucid is entering the hardest segments of the EV market to enter as it is very competitive. This segment is already full of powerful players like Audi, Jaguar, Polestar, Porsche, Mercedes-Benz, Cadillac, BMW, and Lexus, as well as the ultimate player Tesla.