Embattled electrical automobile start-up Lordstown Motors expects to provide and promote as much as solely 3,000 autos by means of subsequent yr, the corporate introduced Monday.

These plans embody 500 autos this yr as soon as retail manufacturing is slated to start within the third quarter – a yr later than expectations of when the corporate went public by means of a particular goal acquisition firm in October 2020.

The manufacturing and gross sales are far under the quantity former administration offered buyers on whereas the corporate was going public. Lordstown initially anticipated to construct 2,000 autos in its first yr, adopted by 32,0000 models through the first full yr of manufacturing.

Shares of the pre-revenue firm dropped by greater than 8% throughout pre-market buying and selling earlier than recovering to about even. Shares of the corporate closed Friday at $3.21 a share, up by 2.2%.

Lordstown Motors introduced the manufacturing forecast as a part of reporting its fourth-quarter outcomes. Web loss widened for the corporate to $81.2 million within the fourth quarter because the automaker stated it incurred a complete of $115 million in bills.

Lordstown Motors CEO Dan Ninivaggi stated the corporate will initially solely promote autos to a small quantity of pre-selected companies.