Lucid Motors, a maker of electric cars seen as a potential challenger to Tesla, said Thursday that it had delivered only a few hundred vehicles during the first three months of the year but maintained that it was still on track to sell at least 12,000 by the end of 2022.

The company, led by a former top Tesla engineer, has been considered one of the most promising start-ups making electric vehicles. But it disappointed investors in February when it reported problems making enough cars at its Arizona factory to satisfy demand, and cut its production forecast. Lucid shares have lost two-thirds of their value since peaking in November.