US based Smith Electric Vehicles has reduced its production target by nearly 40% due to supply troubles.
The company had planned to produce 620 vehicles in 2012 but now is aiming for 380.
In the first six months of 2012, the company produced 79 trucks and aims to increase production later in the year to meet its reduced goal.
In November 2011, Smith Electric planned to raise $125m from an initial public offering to reduce debt and pay expenses.
For the first half of 2012, Smith Electric posted a loss of $27.4m, compared to $21.3m for the same period in 2011.
In February 2012, Smith had formed a joint venture with Chinese company Wanxiang to develop, manufacture and commercialise all-electric school buses and commercial vehicles for industries in China, under its brand.
As part of the deal, Wanxiang invested $1.5m in Smith, and Smith is in negotiations with the Chinese firm to invest a further $25m.
