May 10, 2022: On Thursday, Electric luxury vehicle maker Lucid Group said it has more than 30,000 reservations for its Air sedan. Still, customers who would make reservations after June 1 will have to pay higher prices.
Lucid said it would honor its current pricing for any customer with an existing reservation and any latest customers who make reservations before May end.
“We continue to have a healthy balance sheet, which ends the quarter with almost $5.4 billion of cash on hand, which we believe is sufficient to fund the company well into 2023,” Chief Financial Officer Sherry House said.
In February, Lucid cut its guidance for production from 20,000 vehicles to between 12,000 and 14,000 vehicles, which cited ongoing difficulties in obtaining basics such as glass and carpet. The company maintained that reduced guidance Thursday.
Lucid started deliveries of the Air in October of 2021 to positive reviews, which include Motor Trend’s coveted Car of the Year award. Customer demand for the Air has been strong, but the company struggles to ramp up production between ongoing global supply chain disruptions.
While serving as chief engineer of Tesla’s landmark Model S sedan, CEO Peter Rawlinson spent a recent years assembling the team that created Lucid’s Air sedan. A mix of Tesla veterans and former big-auto engineers, the group developed recent batteries and technologies that have given the Air the most extended range of any EV sold in the United States so far.
Its next vehicle, a luxury SUV known as Gravity, is expected in the first half of 2024, Lucid confirmed on Thursday.
Last month, the company said that Saudi Arabia’s government had agreed to buy up to 100,000 of its vehicles over the next ten years. Saudi Arabia’s public wealth fund owns 62% of the U.S.-based automaker.
We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.
September 26, 2023: On Monday, Japanese automaker Nissan revealed its dedication to transitioning to completely electric …
In an industry as competitive and fast-paced as Consumer Packaged Goods (CPG), standing out from the crowd requires innovation and adaptability. The cracks in the CPG supply chain were exposed long before the global pandemic struck, but the events of the past year only exacerbated the weaknesses.
Supply chain leaders, including VPs, often find themselves making bets with unknown financial consequences. Having started with largely infeasible plans generated by deterministic “one-number” planning systems, compounded by unexpected supply or demand disruptions, they are forced into last-minute adjustments to meet operational and financial goals.
Unsurprisingly, today’s supply chain faces numerous issues, including sustainability, technology, global economic and political instability, talent management, and supply chain resilience. Advanced forecasting algorithms and predictive analytics are used in supply chain management to help organizations of all sizes make better decisions by providing insights into what’s going on in their business at any given moment and predicting future trends.
Ensuring the right products are in the right place and at the right time is critical for companies also dealing with supply chain constraints and a high degree of variability. Uncertainty has become the name of the game and the only way to effectively optimize inventory through continuous, data-driven assessments, planning, and decision-making.
Food Huggers, a consumer brand that designs products to reduce waste at home, may be in an enviable position now but before they found Extensiv Order Manager, managing booming orders and staying on top of inventory was a huge operational challenge. The business has inventory spread across multiple geographically distributed warehouses, with orders received via multiple sales channels, including Shopify storefronts and Amazon.