Lucid Motors sticks to its manufacturing goal regardless of a sluggish quarter.

Lucid Motors, a maker {of electrical} vehicles seen as a potential challenger to Tesla, said Thursday that it had delivered only some hundred autos all through the primary three months of the yr nevertheless maintained that it was nonetheless on monitor to advertise in any case 12,000 by the highest of 2022.

The company, led by a former prime Tesla engineer, has been considered a few of the promising start-ups making electrical autos. But it surely absolutely upset merchants in February when it reported issues making sufficient automobiles at its Arizona manufacturing facility to meet demand, and decrease its manufacturing forecast. Lucid shares have misplaced two-thirds of their value since peaking in November.

Lucid said it was struggling to amass the components needed to satisfy reservations it has obtained for 30,000 autos. “Very like many firms in our enterprise, we proceed to face global-supply-chain and logistics challenges, along with Covid-related manufacturing facility shutdowns in China,” Sherry House, Lucid’s chief financial officer, said in an announcement Thursday.

Lucid delivered 360 autos throughout the first quarter, up from 125 throughout the earlier quarter. The company reported a scarcity of $81 million throughout the first quarter of 2022 on product sales of $58 million. Within the equivalent quarter a yr earlier, when the company’s earnings was negligible, Lucid reported a scarcity of $2.9 billion.

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