During the first three months of the year, the company delivered a few hundred vehicles, but still expects to sell at least 12,000 by the end of the year.
One of the most promising start-ups to make electric vehicles is led by a former top engineer ofTesla. It disappointed investors when it reported problems making enough cars at its Arizona factory to satisfy demand and cut its production forecast. Since peaking in November, the shares have lost two-thirds of their value.
The company said it was struggling to acquire components needed to fulfill reservations for 30,000 vehicles.
The number of vehicles delivered by Lucid in the first quarter was up from the previous quarter. In the first quarter of 2022, the company reported a loss of $81 million and sales of $58 million. In the same quarter a year earlier, the company reported a loss of $2.9 billion.
MotorTrend magazine named the $169,000 Lucid Air Dream Edition sedan the car of the year because of its styling, workmanship and range. The Environmental Protection Agency has a ranking of the most efficient electric cars.
Like many new car companies, Lucid has faced difficulties in ramping up production. The situation was improving, despite ongoing global-supply-chain challenges, according to a statement from Peter Rawlinson.
Prices for new reservations will be raised in June. The most affordable 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 the Saudi Arabia's sovereign wealth fund, it has enough money to continue.
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