Lucid Motors sticks to its production target despite a slow quarter.

Lucid Motors, the maker of electric cars seen as a potential challenger for Tesla, said on Thursday that it had delivered only a handful of vehicles in the first three months of the year but maintained that it was still on track to sell at least 12,000 vehicles. End of 2022.

The company, led by a former top Tesla engineer, is considered one of the most promising start-ups making electric vehicles. But it disappointed investors in February when it reported problems building enough cars to meet demand at its Arizona factory and cut its production forecast. Lucid stocks have lost two-thirds of their value since peaking in November.

Lucid said it is struggling to find the components needed to fulfill the reservation it received for 30,000 vehicles. “Like many companies in our industry, we continue to face global-supply-chain and logistics challenges in China, including covid-related factory shutdowns,” Sherry House, Lucid’s chief financial officer, said in a statement Thursday.

In an interview, Ms. House said demand for Lucid cars has remained strong. She said the additional 5,000 reservations received since February, if they become firm orders, would translate into additional sales of $ 500 million.

Lucid delivered 360 vehicles in the first quarter, up from 125 in the previous quarter. In April, the company delivered 300 cars, an indication that production was growing rapidly, Peter Rawlinson, who engineered the Tesla Model S before founding the Lucid, said in an interview on Thursday. He and Ms. The House said supply chain problems are being alleviated.

Mr. Said Rollins. The company has faced shortages of some commodities, he said, but declined to mention what.

The company reported a loss of $ 81 million on sales of $ 58 million in the first quarter of 2022. In the same quarter a year ago, when the company’s revenue was negligible, Lucid posted a loss of $ 2.9 billion.

Lucid’s first product, the $ 169,000 Lucid Air Dream Edition sedan, was named Car of the Year by MotorTrend Magazine, which praised the vehicle’s styling, workmanship and range of about 520 miles. Lucid and Tesla vehicles dominate the Environmental Protection Agency’s ranking of the most efficient electric cars.

But like many new car companies, Lucid has struggled to increase production. Lucid said Thursday it would raise prices for new reservations starting in June. The cheapest vehicle will cost $ 87,400 before government incentives, and the most expensive will be $ 179,000. Tesla and other manufacturers of electric cars have also pushed up prices, pushing vehicles out of the reach of middle-income buyers.

“We are facing extraordinary inflationary pressures, especially for some of the raw materials that affect battery cell prices,” he said. Said Rollins. But he also said he was “extremely optimistic about the future for EV adoption,” as improving efficiency would reduce costs.

With અના 5.4 billion in cash reserves from investors, including Saudi Arabia’s Sovereign Wealth Fund, Lucid said he has enough money to keep up until 2023.

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