Lucid raises costs because it continues to battle with manufacturing

Lucid Motors is elevating the costs of its luxurious electrical autos, as the corporate continues to battle with manufacturing. The corporate reported delivering solely 360 autos to prospects within the first quarter of 2022.

As of June 1st, Lucid’s newly elevated costs can be $154,000 for the Air Grand Touring (beforehand $139,000), $107,400 for Air Touring (up from $95,000), and $87,400 for Air Pure (up from $80,000). That represents a median enhance of round 11 p.c. The brand new Lucid Air Grand Touring Efficiency mannequin, introduced simply two weeks in the past, will stay priced at $179,000. (All of Lucid’s autos are eligible for the $7,500 federal EV tax credit score in addition to any accessible state and native incentives.)

In a name with traders, Lucid CEO Peter Rawlinson mentioned the corporate can be honoring the unique costs for present reservation holders, addressing a key level that induced an uproar when Rivian introduced an analogous worth enhance.

“The world has modified dramatically from the time we first introduced Lucid Air again in September 2020,” Rawlinson mentioned on the decision. “And I need to guarantee our present reservation holders that we are going to be honoring present pricing for all present prospects in addition to new reservations made earlier than the top of the month. With a view to guarantee equity and prioritization, we can be reaching out to reservation holders to facilitate order configurations with a purpose to lock in pricing as their specified mannequin turns into accessible.”

The corporate reported a lack of $81 million within the first quarter of 2022 on gross sales of $58 million. Final 12 months, when the corporate had virtually zero income flowing in, Lucid reported a lack of $2.9 billion.

Lucid additionally mentioned the variety of reservations for its luxurious Lucid Air sedan now exceeded 30,000, reflecting $2.9 billion in potential gross sales. The corporate had beforehand mentioned it had acquired 25,000 reservations.

Lucid has struggled to get vehicles off the manufacturing facility flooring amid provide chain woes and different disruptions attributable to the COVID-19 pandemic. Final quarter, the Newark, California-based firm introduced it was revising down its annual manufacturing expectations to 12,000 autos from the unique prediction of 20,000 autos.

Rawlinson additionally touted a 100,000 car buy settlement by the Kingdom of Saudi Arabia. “This is among the single largest electrical car purchases that I’m conscious of and we’re delighted to be supporting Saudi Arabia in reaching its sustainability objectives and internet zero ambitions by bringing our superior luxurious EVs to Saudi Arabia,” he mentioned.

Saudi Arabia’s sovereign wealth fund is a majority proprietor of Lucid, after having poured a $1 billion funding within the firm again in 2017. Lucid mentioned it has $5.4 billion in money reserves to maintain it operating by means of 2023.