Luxury electric vehicle maker Lucid Motors is slashing production forecasts for 2022, citing supply chain constraints. Newark company california It announced that it is slashing production forecasts to 12,000 to 14,000 vehicles

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from an earlier forecast of 20,000. This reflects the extraordinary supply chain and logistics challenges we encountered. and our unrelenting focus on delivering the highest quality products,

Lucid CEO Peter Rawlinson said in a statement. “We remain confident in our ability to seize the tremendous opportunities that lie ahead of our technology leadership and strong demand for automobiles.

Supply Chain and Logistics Challenges”Shares of the company fell 14% in after-hours trading following the news. The company did not specify which supply issues were causing the problem. Lucid announced fourth-quarter results.