Lucid Motors announced Tuesday that it can no longer provide specific guidance for its electric vehicle production and sales numbers for the current year.
According to a report from TechCrunch, the automaker is navigating a transition to a new chief executive officer and a companywide effort to reduce costs.
In February, Lucid had projected a production range of between 2 and 27,000 vehicles for 2026. This follows a significant downward trend from the company's 2021 IPO estimates, which forecasted hundreds of thousands of units.
Chief Financial Officer Taoufiq Boussaid stated during the company's first-quarter earnings call that the decision to pull the guidance was a "governance decision."
Boussaid noted that incoming CEO Silvio Napoli is currently conducting a comprehensive review of the business. The company expects to release a full, updated outlook during its second-quarter earnings call later this year.
Cost-cutting and production hurdles
The withdrawal of guidance follows a February announcement that Lucid laid off 12% of its workforce. A company filing on Tuesday indicated these layoffs will result in a near-term cost of approximately $40 million, though the company expects the cuts to save up to $500 million over the next several years.
Lucid's first-quarter performance also fell short of expectations. The company cited a 29-day production disruption and a temporary stop-sale caused by issues with a seat supplier.
These disruptions led to an increase in vehicle inventory, forcing the company to focus on tighter management of its supply chain and production output.
Incoming CEO Silvio Napoli emphasized the need for operational changes during the earnings call.
"It’s clear that realizing Lucid’s full potential will require sharper focus and consistent execution, particularly around simplification, prioritization, and speed," Napoli said.
