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

Lucid Motors, a maker of electrical automobiles seen as a possible challenger to Tesla, mentioned Thursday that it had delivered only some hundred autos through the first three months of the yr however maintained that it was nonetheless on monitor to promote at the very least 12,000 by the tip of 2022.

The corporate, led by a former prime Tesla engineer, has been thought of one of the crucial promising start-ups making electrical autos. However it upset traders in February when it reported issues making sufficient automobiles at its Arizona manufacturing unit to fulfill demand, and lower its manufacturing forecast. Lucid shares have misplaced two-thirds of their worth since peaking in November.

Lucid mentioned it was struggling to accumulate the parts wanted to satisfy reservations it has acquired for 30,000 autos. “Much like many corporations in our business, we proceed to face global-supply-chain and logistics challenges, together with Covid-related manufacturing unit shutdowns in China,” Sherry Home, Lucid’s chief monetary officer, mentioned in a press release Thursday.

In an interview, Ms. Home mentioned that demand for Lucid automobiles remained sturdy. A further 5,000 reservations acquired since February would, in the event that they turn out to be agency orders, translate into $500 million in further gross sales, she mentioned.

Lucid delivered 360 autos within the first quarter, up from 125 within the earlier quarter. In April, the corporate delivered 300 automobiles, an indication that manufacturing is accelerating rapidly, Peter Rawlinson, who engineered the Tesla Mannequin S earlier than founding Lucid, mentioned in an interview Thursday. He and Ms. Home mentioned that offer chain issues are easing.

“We truly see a lightweight on the finish of the tunnel now,” Mr. Rawlinson mentioned. The corporate has suffered from shortages of some commodities, he mentioned, however declined to specify which of them.

The corporate reported a lack of $81 million within the first quarter of 2022 on gross sales of $58 million. In the identical quarter a yr earlier, when the corporate’s income was negligible, Lucid reported a lack of $2.9 billion.

Lucid’s debut product, the $169,000 Lucid Air Dream Version sedan, was named automobile of the yr by MotorTrend journal, which praised the car’s styling, workmanship and vary of almost 520 miles. Lucid and Tesla autos dominate the Environmental Safety Company’s rankings of most-efficient electrical automobiles.

However like many new automobile corporations, Lucid has confronted difficulties in ramping up manufacturing. Lucid mentioned Thursday it could elevate costs for brand spanking new reservations starting in June. Probably the most inexpensive car will price $87,400 earlier than authorities incentives, and the most costly can be $179,000. Tesla and different producers of electrical automobiles have additionally raised costs considerably, pushing the autos additional out of attain for middle-income patrons.

“We face extraordinary inflation pressures notably for some uncooked supplies that have an effect on the worth of battery cells,” Mr. Rawlinson mentioned. However he additionally mentioned he was “extremely optimistic in regards to the future for E.V. adoption,” due to effectivity enhancements that may cut back prices.

With money reserves of $5.4 billion from traders, together with the sovereign wealth fund of Saudi Arabia, Lucid mentioned, it has sufficient cash to maintain going properly into 2023.