Technology

Lucid is hiking the prices of its luxury Air EVs

In its earnings report, Lucid has announced that it is boosting the prices of its luxury Air EV lineup as a lot as 13 p.c, TechCrunch reported. The Air Grand Touring mannequin will rise $15,000 to $154,000, the Air touring will bounce $12,400 to $107,400 and the least expensive Air Pure mannequin will go up $10,000 to $87,400. The new prices is not going to have an effect on the 30,000 present reservation holders.

“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,” mentioned Lucid CFO Sherry House in a press release. “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.”

Lucid nonetheless expects to begin deliveries of the $179,000 Air Grand Touring Performance mannequin in June (the worth of that mannequin stays the identical), with the Air Touring and Air Pure fashions following later this year. Production on the Project Gravity SUV will begin in Q1 2024, mentioned Lucid CEO Peter Rawlinson. 

Rising prices for EVs are an industry-wide problem at the second as a result of the Ukraine conflict, COVID-related manufacturing facility shutdowns and extra. Tesla not too long ago raised prices on all fashions, with the base Model 3 rising $2,000 to $46,990. Rivian additionally hiked prices on its electrical pickups, with the R1T rising $12,000 — nevertheless it backed off on making use of them to pre-orders because it had deliberate, following an outcry. 

Lucid additionally introduced that it made $57.7 million income final quarter because of deliveries of 360 autos, the most it is made thus far. The company expects to maintain dropping money whereas it builds out its manufacturing crops in Arizona and Saudi Arabia, nevertheless it has $5.4 billion in money as a buffer. 

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