The company expects to produce more than 10,000 cars.
After a sluggish start to the year, Locid Group Inc. was aiming for the bottom of its yearly production plan, the latest setback for the electric car manufacturer dealing with supply chain issues and job losses.
The manufacturer of luxury sedans expects to increase production this year from 14,000 to 10,000 automobiles.
Locid shares are down 58% in the past 12 months.
Locid is attempting to distinguish itself from its rival, Tesla Inc., and establish a solid footing in the electric vehicle market.
Locid’s chief executive officer, Peter Rawlinson, stated that increasing brand awareness is a high concern for his company since it faces name recognition issues.
The business is currently struggling; Locid announced in March that it would reduce its employment by 18% as part of a cost-cutting strategy, and just last month, the company’s first-quarter pre-deliveries failed to meet analysts’ expectations.
In Monday’s trade in New York, the company’s shares dropped 8.6%.