Lucid GroupThe company has cut its production estimates for the year by up to 40%. This sent shares in the start-up electric car startup plunging 13% after hours trading.

On Monday, the company cited constraints in supply chains as the reason for cutting production down to 12,000- 14,000 vehicles. That’s a decrease from its initial expectations of 20,000.

Lucid CEO Peter Rawlinson released a statement saying that this was a reflection of the unique supply chain and logistic challenges and the unrelenting effort to deliver the best-quality products. Given our strong demand and technology leadership, we remain optimistic about our ability capture these tremendous opportunities.

This story is still in development. Keep checking back for more updates.