Clear first-quarter deliveries disappoint as demand concerns plague the electric car maker

luxury electric car maker Lucid Group It said late Thursday that it produced 2,314 of its sedans in the first quarter. But it delivered just 1,406 aircraft to customers during the period, another sign that the company is seeing weaker-than-expected demand.

Wall Street analysts polled by FactSet expected Lucid to deliver about 2,000 aircraft in the first quarter. Lucid shares fell more than 3% in after-hours trading following the news.

Lucid surprised Wall Street in February when it said it planned to build just 10,000 to 14,000 of the planes in 2023, despite having “more than 28,000” reservations on hand. At the time, CEO Peter Rawlinson said he believed “very few people are aware” of the company and its award-winning, but expensive, electric sedan — a hint that the company may have been struggling to convert reservations into sales orders.

Another hint that demand for air might be weak came in late March, when Lucid cut 1,300 workers, or about 18% of its workforce. The company is expected to incur one-time fees of between $24 million and $30 million for those layoffs, mostly in the first quarter.

Lucid said Thursday that it will report its results for the first quarter after US markets close on May 8.