Lucid Motors doesn’t know how many EVs it will produce this year.

Lucid Motors said Tuesday it is no longer sure how many EVs it will produce or sell this year as it transitions to a new CEO and pushes ahead with a company-wide cost-cutting drive.

The company said in February that it planned to produce 25,000 to 27,000 vehicles this year. That’s a far cry from the hundreds of thousands of vehicles Lucid Motors estimated it would build and sell this year when it went public in 2021. However, this would have represented a significant increase compared to last year’s figure of around 18,000 units.

Lucid’s guidance change was announced during the company’s first quarter earnings call by Taoufiq Boussaid, the company’s chief financial officer. This comes just months after the company laid off 12% of its workforce, which TechCrunch first reported in February. Lucid Motors said in a filing Tuesday that the layoffs will cost the company about $40 million in the short term, but believes the layoffs will ultimately save the company up to $500 million over the next few years.

Boussaid said the decision to withdraw Lucid Motors’ guidance this year was a “governance decision” and that new CEO Silvio Napoli was conducting a review of the business. Boussaid said he expects Lucid Motors to provide a “fully updated outlook” when it reports second-quarter earnings in the coming months.

“It is clear that realizing Lucid’s full potential will require sharper focus and consistent execution, particularly around simplification, prioritization and speed,” Napoli said during the call.

Lucid Motors also said Tuesday that its first-quarter results were worse than expected due to a 29-day production outage and a temporary sales disruption due to seat supplier issues. These issues have led to inflated inventories at Lucid Motors and the company said it will need to carefully manage production in the near term to reduce these overhangs.

“We are not constrained by our production capacity. We are constrained by our own discipline to not build inventory ahead of demand. As market conditions develop, we will scale production accordingly,” Boussaid said.

This all comes as Lucid Motors plans to begin building its first volume vehicles priced under $50,000 this year. The company says it will begin production of its first EVs on this mid-size platform by the end of 2026. On Tuesday, the company said it “remains on track to ramp up production of our midsize platform in 2027” and focused on next year.

Lucid Motors plans to launch a robotaxi service with Uber and Nuro by the end of this year using a self-driving version of its Gravity SUV. Lucid confirmed on Tuesday that it expects to start building a road version of the vehicle in the fourth quarter.