If the motor sounds as if it is running then it probably is OK. Check by taking of the backgear cover and look at the small pulley on the motor shaft.
Most likely the belt is not under sufficient tension and is slipping or the small motor pulley is loose on the motor shaft and needs the retaining grub screw tightening.
It is also possible that some teeth have been striped from the belt (if the lathe has had significant use, so give the belt a visual inspection.
Strongly suggest you take of the motor cover at the back of the lathe so all is easier to see and do a thorough inspection. Even if the issue is inadequate belt tension/alignment you will still need to do this to get at the adjusting screws and bolts etc.
If it is anything like mine was when it came out of the box, expect to find that you will need to completely re align and re tension the belt by adjusting the position of the motor with respect to the headstock. Expect this to take 2 or 3 hours of knuckle skinning frustration with small spanners and sockets and will probably need the front electronic control box removing to get at the motor lock bolts.
Unplug the lathe from the mains before proceeding.