Electrical car maker Lucid on Wednesday reported fourth-quarter income that fell in need of expectations after constructing simply 7,000 of its Air luxurious sedans final yr amid manufacturing challenges. However the firm stated it expects to make between 10,000 and 14,000 autos in 2023.

Shares of the corporate fell roughly 7% in afterhours buying and selling.

This is what the corporate reported for the fourth quarter of 2022:

• Loss per share: 28 cents
• Income: $257.7 million, vs. $303 million, in accordance with Refinitiv consensus estimates

Lucid’s quarterly income marks a pointy enhance from the identical interval final yr, when it had simply begun manufacturing of the Air sedan and introduced in $26.4 million. The corporate’s backside line likewise improved, coming in narrower than the 64-cent loss per share it posted within the year-ago interval.

The corporate ended the yr with about $4.4 billion in money and roughly $500 million obtainable by way of strains of credit score, sufficient to final till the primary quarter of 2024, chief monetary officer Sherry Home instructed CNBC. Lucid had $3.85 billion in money as Sep. 30; it raised a further $1.5 billion from Saudi Arabia’s Public Funding Fund and different traders by way of an fairness providing in December. The Saudi public wealth fund owns about 62% of Lucid.

Lucid stated in January that it produced 7,180 autos in 2022, properly under its authentic expectation of 20,000 for the yr however sufficient to beat the lowered steering it offered in August. However it delivered simply 4,369 of these Air sedans to prospects earlier than year-end.

“Our objective in 2023 is to amplify our gross sales and advertising and marketing efforts to get this superb product into the palms of much more prospects around the globe,” CEO Peter Rawlinson stated.

Lucid stated it had greater than 28,000 reservations for its autos as of Feb. 21, down from “over 34,000” reservations in its final replace on Nov. 7.

The corporate stated in April that Saudi Arabia’s authorities had agreed to purchase as much as 100,000 of its autos over the following 10 years. These autos aren’t included in its reservation totals.