The Lucid Group is the newest automaker to raise its electric vehicle prices. Starting June 1, the business said alongside its own first-quarter earnings report that it would raise pricing on the variants of its luxury Air car. The price changes increase the basic cost of the Air sedan by up to 13%.
The business stated that existing reservation holders are not going to face ticket increases, and that revised rates for Canada are going to be made public on 1st June. Given that Lucid just revealed that it has 30,000 bookings for the Air, it is going to be some time before the business sees a return on these higher rates.
The Air Grand Touring will cost $154,000, up to $15,000; the Air Touring is going to cost $107,400 more, and the Air Pure will cost $87,400 more. The price of the Lucid Air Grand Touring Performance model, which was unveiled two weeks ago, will remain unchanged at $179,000, according to the firm. All of these costs are for base models; thus, customers’ final costs may be significantly higher.
Other automakers, such as Rivian and Tesla, have announced similar price hikes for their EVs, blaming citing supply chain issues stemming from the epidemic and Russia’s aggression of Ukraine, as well as inflation, for growing supplier prices, which are now being passed on to consumers. In the instance of Rivian, the corporation had planned to boost costs for booking holders as well, yet soon changed its decision.
“Like many others in our sector, we continue to encounter worldwide supply chain and logistics problems, including manufacturing closures in China due to Covid.” Lucid’s CFO, Sherry House, said in a statement that “we are working closely with suppliers to minimize the impact of disruptions. While any prolonged disruptions may have an impact on our production prediction, we are reaffirming our 12,000-14,000-car production projection for 2022 depending on the info we have at this time combined with our mitigation efforts.”
Lucid’s delivery schedule remains unchanged, with Air Grand Touring Performance shipment scheduled in June, as well as Air Pure and Air Touring deliveries later this year. According to Lucid’s CTO and CEO Peter Rawlinson, the Project Gravity SUV is still on track to start manufacturing during the very first half of the year 2024.
Lucid decreased its guidance last quarter from 20,000 units, which it had predicted in its Q3 earnings. The electric vehicle startup stated it is seeing high demand, with over 30,000 consumer bookings as of today, representing $2.9 billion in potential sales. It’s unclear whether it’ll be able to sustain the demand with the latest price hike, but those who are wealthy enough to purchase a Lucid vehicle will probably consider an extra $12,000 to be a minor change.