Shares of Lucid Group Inc. (LCID) sank close to 12% on Wednesday after the luxury electric vehicle (EV) manufacturer reported second-quarter deliveries that were far short of forecasts.

The maker of the Air sedan said Wednesday that it delivered 1,404 cars in the April through June period, virtually the same as in the first quarter (1,406), and well below the 2,000 expected by analysts.

In addition, the company produced just 2,173 vehicles at its factory in Arizona, a 6% decline from the previous quarter.  In February, Lucid said that it expected to build 10,000 to 14,000 cars this year, even though it indicated that it had more than 28,000 reservations.

Lucid’s business has been hampered by 澳洲幸运5官方开奖结果体彩网:supply chain issues and the price for its Air model, which starts at $138,000 before incentives.

The car maker also noted that it “began material shipments” to Saudi Arabia. The Saudi Public Investment Fund (PIF) is Lucid’s largest shareholder, and in May, the firm announced it was raising $3 billion in a public stock sale and through an added investment from PIF.

With Wednesday's losses, Lucid Group shares have lost about two-thirds of their value in the past year.