Lucid Motors is sticking to its production target despite a slow quarter.

Electric car maker Lucid Motors, seen as a potential competitor to Tesla, said on Thursday. delivered only a few hundred vehicles in the first three months of the year, but on track to sell at least 12,000 by the end of 2022.

Led by a former Tesla engineer, the company has been considered one of the most promising start-ups producing electric vehicles. But it disappointed investors when it reported in February. problems making enough cars To meet demand and lower the production forecast at the Arizona plant. Lucid shares have lost two-thirds of their value since peaking in November.

Lucid said it struggled to obtain the components needed to fulfill the reservations it received for 30,000 vehicles. “Similar to many companies in our industry, we continue to face global supply chain and logistical challenges, including Covid-related factory shutdowns in China,” Sherry House, Lucid’s chief financial officer, said on Thursday. Said.

Lucid delivered 360 vehicles in the first quarter, up from 125 in the previous quarter. The company reported a loss of $81 million from sales of $58 million in the first quarter of 2022. In the same quarter of the previous year, Lucid reported a loss of $2.9 billion when the company’s revenue was insignificant.

Lucid’s first product, $169,000 clear air Dream Edition sedan named after car of the year By MotorTrend magazine, which praised the vehicle’s styling, craftsmanship and range of approximately 520 miles. Lucid and Tesla vehicles dominate Environmental Protection Agency’s ranking One of the most efficient electric cars.

But like many new auto companies, Lucid faced challenges in increasing production. Peter RawlinsonThe man who designed the Tesla Model S before founding Lucid said in a statement Thursday that the situation has improved. “Despite ongoing global supply chain challenges, we continued to make progress in the first quarter of 2022.”

Lucid said on Thursday it will raise prices for new bookings starting in June. Before government subsidies, the most affordable vehicle will cost $87,400, and the most expensive will cost $179,000.

Lucid said that with $5.4 billion in cash reserves from investors, including Saudi Arabia’s sovereign wealth fund, it has enough money to go through 2023.