In its earnings report, Lucid announced that it will increase the prices of its luxury Air EV range by up to 13 percent, TechCrunch reported. The Air Grand Touring model will increase by $15,000 to $154,000, the Air Touring by $12,400 to $107,400, and the cheapest Air Pure model by $10,000 to $87,400. The new prices will not affect the 30,000 current reservation holders.
“Similar to many companies in our industry, we continue to face global supply chain and logistics challenges, including Covid-19 related factory closures in China. We are working closely with our suppliers to mitigate the impact of any disruption,” Lucid CFO Sherry House said in a statement. “While prolonged disruptions could impact our production guidance, today we reiterate our production guidance of 12,000 to 14,000 vehicles for 2022 based on the information we have at this time combined with our mitigation plans.”
Lucid still expects to begin shipping the $179,000 Air Grand Touring Performance model in June (price of this model remains the same), with Air Touring and Air Pure models to follow later this year . Production of the Project Gravity SUV will begin in the first quarter of 2024, said Lucid CEO Peter Rawlinson.
Soaring electric vehicle prices are an industry-wide concern right now due to the Ukraine war, COVID-related factory closures and more. Tesla recently raised prices on all models, with the base Model 3 up $2,000 to $46,990. Rivian also hiked the prices of its electric pickups, with the R1T up $12,000 – but it backed out of applying them to pre-orders as planned after there was an outcry.
Lucid also announced that it generated $57.7 million in revenue last quarter thanks to the delivery of 360 vehicles, its highest revenue to date. The company expects to continue losing money as it expands its manufacturing facilities in Arizona and Saudi Arabia, but has $5.4 billion in cash as a buffer.
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