Lucid to Raise EV Reservation Prices Next Month

Lucid to Raise EV Reservation Prices Next Month

Electric luxury vehicle manufacturer Lucid Group (NASDAQ: LCID) revealed it has over 30,000 reservations for its Air sedan and any reservations made after June 1 will have higher prices. The company assured that it will honor its current pricing for any customers that make reservations before the end of May. Pricing on several Air models will surge approximately 10% to 12%, according to trim level.

The automaker reported an earnings loss of USD0.37 per share, compared to the expected loss of USD0.23 a share. Revenue amounted to USD57.68 Million, higher than analysts anticipated USD55.56 Million.

“We continued to make progress in the first quarter of 2022 despite ongoing global supply chain challenges. We are nearing completion of deliveries of Lucid Air Dream Edition, and we began deliveries of Lucid Air Grand Touring, with an EPA-estimated range of up to 516 miles and an unprecedented efficiency of 4.6 miles per kilowatt-hour,1” said Peter Rawlinson, Lucid’s CEO and CTO. “We believe Lucid Air’s unique fusion of a dynamic driving experience, interior space and comfort, range, fast charging, and performance is simply unparalleled.”

The company cut its full-year guidance for production, in February, from 20,000 vehicles to anywhere from 12,000 and 14,000 vehicles amid trouble acquiring basics such as glass and carpet. Lucid stood by the reduced guidance on Thursday.

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