Lucid Motors withdraws 2024 EV production guidance amid CEO change and cost cuts

Lucid Motors has retracted its 2024 electric vehicle production and sales guidance due to a CEO transition and a company-wide cost-cutting effort. Initially targeting 25,000 to 27,000 vehicles this year, the company now faces uncertainty after a 12% workforce reduction and production disruptions caused by supplier issues. Lucid plans to provide an updated outlook in its Q2 earnings call and remains focused on launching a more affordable mid-size EV in 2027 and a robotaxi service by year-end. These moves aim to stabilize operations and improve execution amid challenging market conditions.