Lucid Group (NASDAQ: LCID) and Canoo (NASDAQ: GOEV) are both electric vehicle (EV) makers that went public by merging with special purpose acquisition companies (SPACs). Both companies also set lofty goals during their SPAC presentations, but subsequently disappointed their investors by broadly missing those targets.

Lucid, which went public in July 2021, initially told investors it could produce 20,000 vehicles in 2022 and 49,000 vehicles in 2023. But it only produced 7,180 vehicles in 2022, and now plans to produce "over 10,000" vehicles in 2023.

Canoo, which closed its merger in December 2020, predicted it would generate $329 million in revenue in 2022 by selling 10,000 vehicles. However, it actually generated $0 in revenue during the year, and didn't ship a single vehicle.

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Source Fool.com