Lucid Motors is defending its production target despite a slow quarter.

Lucid Motors is defending its production target despite a slow quarter.

Lucid Motors, an electric car maker that is considered a potential competitor to Tesla, said on Thursday that it had delivered only a few hundred cars in the first three months of the year, but insisted it still planned to sell at least 12,000 cars. At the end of 2022.

The company, led by a former top engineer at Tesla, is considered to be one of the most promising starters in the production of electric vehicles. But he disappointed investors in February when he announced that there was a problem making enough machines at the Arizona plant to meet demand and reduced production forecasts. Lucid stocks have lost two-thirds of their value since the November peak.

Lucid said he was struggling to get the components needed to book a 30,000 car. “Like many companies in our industry, we continue to face the global supply chain and logistical challenges, including the shutdown of Covid-related plants in China,” Sherry House, Lucid’s chief financial officer, said in a statement on Thursday.

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

Lucid’s debut product, the $ 169,000 Lucid Air Dream Edition sedan, was named Car of the Year by MotorTrend magazine, which rated the car’s style, craftsmanship and nearly 520 miles. Lucid and Tesla cars dominate the Environment Agency’s ranking of the most efficient electric cars.

But like many new car companies, Lucid also encountered difficulties in increasing production. Peter Rawlinson, who engineered the Tesla Model S before Lucid was founded, said in a statement on Thursday that the situation was improving. “We continued to make progress in the first quarter of 2022, despite ongoing challenges in the global supply chain,” he said.

Lucid said Thursday he would raise prices on new bookings from June. The most affordable car before government incentives will cost $ 87,400, while the most expensive will cost $ 179,000.

Lucid said with $ 5.4 billion in cash reserves from investors, including the Saudi Sovereign Wealth Fund, he has enough money by 2023.

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