Technology
Lucid admitted it lost track of vehicle locations during logistics struggles
EV maker Lucid experienced lower third quarter sales after inventory control issues caused the company to lose track of some of its vehicles. Slow delivery times resulted in canceled orders from impatient buyers.
During a recent earnings call, Lucid CEO Silvio Napoli revealed that inventory control issues within the company's logistics system led to situations where they did not know the location of their own vehicles. This chaos caused delivery delays of up to two weeks, which ultimately led to lost orders from impatient customers. Despite building 2,954 vehicles and delivering 3,806 during the quarter, the luxury EV maker continues to face severe financial hurdles alongside its shipping problems. The company lost $831 million on $350 million in revenue because the cost of manufacturing each vehicle exceeds the selling price, though it recently received an additional $1.75 billion investment from the Saudi Public Investment Fund.
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