Lucid Motors maintains its production target despite a slow quarter.

Lucid Motors, an electric car maker seen as a potential challenger to Tesla, said Thursday it has done so Only a few hundred vehicles delivered during the first three months of the year, but said it is still on track to sell at least 12,000 by the end of 2022.

The company, led by a former high-level Tesla engineer, was considered one of the most promising start-ups in the production of electric vehicles. But he disappointed investors in February when he reported it trouble making enough cars at its Arizona factory to meet demand and cut its production forecasts. Lucid shares have lost two-thirds of their value since their peak in November.

Lucid said he was struggling to acquire the components needed to meet the bookings he 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 closures in China,” said Sherry House, Lucid’s chief financial officer, on Thursday.

Lucid delivered 360 vehicles 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 on sales of $ 58 million. In the same quarter a year earlier, when the company’s revenue was negligible, Lucid reported a loss of $ 2.9 billion.

Lucid’s debut product, the $ 169,000 Bright air The Dream Edition sedan was named car of the year by MotorTrend magazine, which praised the vehicle’s style, workmanship and range of nearly 520 miles. Lucid and Tesla vehicles dominate the Rankings of the Environmental Protection Agency of the most efficient electric cars.

But like many new carmakers, Lucid faced difficulties in increasing production. Peter Rawlinson, who designed the Tesla Model S before finding Lucid, said in a statement Thursday that the situation was improving. “We continued to make progress in the first quarter of 2022 despite the continuing challenges of the global supply chain,” she said.

Lucid said Thursday that he will raise prices for new bookings starting in June. The cheapest vehicle will cost $ 87,400 before government incentives, and the most expensive will be $ 179,000.

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