{"id":224352,"date":"2022-05-06T16:56:50","date_gmt":"2022-05-06T20:56:50","guid":{"rendered":"https:\/\/www.thedetroitbureau.com\/?p=224352"},"modified":"2022-05-06T16:56:58","modified_gmt":"2022-05-06T20:56:58","slug":"lucid-raising-prices-on-new-vehicles","status":"publish","type":"post","link":"https:\/\/thedetroitbureau.com\/2022\/05\/lucid-raising-prices-on-new-vehicles\/","title":{"rendered":"Lucid Raising Prices on New Vehicles"},"content":{"rendered":"\n

Lucid announced plans to raise prices on its vehicles as much as 13% starting June 1. The company also revealed it delivered 360 new vehicles to customers during Q1 while saying it will build as many as 14,000 vehicles in 2022.<\/p>\n\n\n\n

\"Lucid
Lucid CEO Peter Rawlinson announced the company is raising prices on nearly all of its vehicles starting June 1.<\/figcaption><\/figure><\/div>\n\n\n\n

The announcements came as part of the Arizona-based EV maker\u2019s first quarter earnings report<\/a><\/u><\/strong>. The price increase mirrors moves by other automakers, including most recently fellow EV startup Rivian. However, Rivian announced all its vehicles would be seeing an uptick immediately, even if they\u2019d been ordered at the old price. The company very quickly apologized and announced it was going to honor<\/a><\/u><\/strong> previous pricing for vehicles in the pipeline.<\/p>\n\n\n\n

As of June 1, new reservations will be priced in the U.S. at $154,000 for Air Grand Touring, $107,400 for Air Touring and $87,400 for Air Pure. Those vehicles are currently priced at $139,000, $95,000 and $77,400. <\/p>\n\n\n\n

The price for the new Lucid Air Grand Touring Performance model, announced just two weeks ago, will remain priced in the U.S. at $179,000. These prices are for base models, before the potential $7,500 U.S. federal tax credit, and excluding tax, title, license, options and destination fees.<\/p>\n\n\n\n

\"Lucid
Lucid delivered 360 new vehicles in the first quarter of this year.<\/figcaption><\/figure><\/div>\n\n\n\n

Learning from other companies mistakes<\/h2>\n\n\n\n

Lucid officials are clearly quick studies on how not to anger a potential customer base.<\/p>\n\n\n\n

\u201cWe also announced today that we are increasing prices of our vehicles that will go into effect at the beginning of June,\u201d said Peter Rawlinson, Lucid\u2019s CEO and CTO. <\/p>\n\n\n\n

\u201cThe world has changed dramatically from the time we first announced Lucid Air pricing in September 2020, but I want to reassure our existing reservation holders that we will be honoring current pricing for them as well as for any new reservations made before the end of the month.\u201d <\/p>\n\n\n\n

Still on track for results<\/h2>\n\n\n\n
\"Lucid
The Lucid Gravity will follow the Air sedan and is set to debut in 2024.<\/figcaption><\/figure><\/div>\n\n\n\n

The company delivered 360 vehicles during the quarter that just ended; however, told investors it was on track to produce between 12,000 and 14,000 vehicles in 2022 \u2014 as earlier forecast. <\/p>\n\n\n\n

\u201cLooking forward, we remain intently focused on ramping production and are excited about our product roadmap in 2022 and beyond with Air Grand Touring Performance deliveries expected in June; Air Touring and Air Pure later this year; and with our Project Gravity SUV remaining on target to begin production in the first half of 2024,\u201d Rawlinson said.<\/p>\n\n\n\n

Sherry House, Lucid\u2019s CFO, also noted the company has reservations for 30,000 vehicles, which represent about $2.9 billion in potential sales. Since the company\u2019s revenue for Q1 was $57.7 million and it posted a net loss of $81.3 million, or 5 cents per share. <\/p>\n\n\n\n

That\u2019s quite uptick from the $313,000 in revenue from the year ago period with a $2.9 billion loss \u2014 all expected as the company was still in development mode. However, it did end Q1 with $5.4 billion in cash.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lucid announced plans to raise prices on its vehicles as much as 13% starting June 1. The EV maker also revealed it delivered 360 new vehicles to customers during Q1 while saying it will build as many as 14,000 vehicles in 2022. Find out more at TheDetroitBureau.com.<\/p>\n","protected":false},"author":4389,"featured_media":222846,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[1908,7,8,5,1164,2648,1347,9],"tags":[395,5962,5961,713,5960],"make":[],"post-state":[],"category_old":[],"acf":[],"_links":{"self":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/224352"}],"collection":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/users\/4389"}],"replies":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/comments?post=224352"}],"version-history":[{"count":2,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/224352\/revisions"}],"predecessor-version":[{"id":224354,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/224352\/revisions\/224354"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media\/222846"}],"wp:attachment":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media?parent=224352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/categories?post=224352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/tags?post=224352"},{"taxonomy":"make","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/make?post=224352"},{"taxonomy":"post-state","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/post-state?post=224352"},{"taxonomy":"category_old","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/category_old?post=224352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}