(Bloomberg) -- Lucid Group Inc. revealed a wider-than-expected loss to start the year as the company contends with production challenges and uneven demand for high-end electric vehicles.

The automaker lost an adjusted 30 cents a share in the first quarter, according to a statement Monday. That was worse than the 25-cent loss expected on average in analyst estimates compiled by Bloomberg. Revenue of $173 million was above expectations.

Its shares fell 9.8% at 9:30 a.m. Tuesday in New York, the biggest intraday decline in more than two months. The stock lost 28% this year through Monday’s close.

The results underscore the difficulty facing Lucid as it tries to reverse slumping shares and overcome production hurdles in the face of flagging consumer demand for EVs. The automaker recently secured a much-needed $1 billion cash injection from its biggest investor, an affiliate of Saudi Arabia’s Public Investment Fund.

Lucid still expects to make 9,000 vehicles this year, the company said, reaffirming an earlier forecast.

Lucid’s Air sedan “keeps dragging profits,” while production increases planned for this year could hurt margins in the second half, Bloomberg Intelligence analysts including Steve Man said in a note.

The manufacturer previously announced it produced 1,728 vehicles and delivered 1,967 last quarter.

(Updates with share trading in third paragraph)

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