Lucid Motors announced on Thursday that it would keep on its target production dates for its EV. However, they will be increasing their prices up to 13%.
As Lucid Motors released its Q1 financial results, the company also announced that they will increase the prices for most of its models starting June 1, 2022. Lucid also said that the production volume outlook for 2022 remains on track at 12,000 to 14,000 vehicles. Those who have existing reservations will not be included in the price increase.
Starting on June 1, new reservations prices in the U.S. are as follows:
- Air Grand Touring – $154,000
- Air Touring – $107,400
- Air Pure – $87,400
The new Lucid Air Grand Touring Performance will remain at $179,000
“We also announced today that we are increasing prices of our vehicles that will go into effect at the beginning of June. The world has changed dramatically from the time we first announced Lucid Air pricing in September 2020. Still, I want to reassure our existing reservation holders that we will be honouring current pricing for them as well as for any new reservations made before the end of the month,” said Peter Rawlinson, Lucid’s CEO and CTO.
Sherry House, Lucid’s CFO, said in a statement: “Similar to many companies in our industry, we continue to face global supply chain and logistics challenges, including Covid-related factory shutdowns in China. We are working closely with our suppliers to mitigate the impact of disruptions,” House added. “While any extended disruptions could result in an impact to our production forecast, today we are reiterating our 12,000-14,000 vehicle production forecast for 2022 based on the information we have at this point combined with our mitigation plans
Despite the ongoing supply issues that automakers currently face, Lucid has continued to progress this year. Their first-quarter financial results show a revenue of $57.7 million, with 360 vehicles delivered to customers. The company also said that they have more than 300,000 customer reservations.
In an earlier report, Lucid signed a deal with Saudi Arabia, which will purchase up to 100,000 Electric Vehicles from the automaker.