In its earnings report, Lucid has announced that it's boosting the prices of its luxury Air EV lineup as much as 13 percent, TechCrunch reported. The Air Grand Touring model will rise $15,000 to $154,000, the Air touring will jump $12,400 to $107,400 and the cheapest Air Pure model will go up $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-related factory shutdowns in China. We are working closely with our suppliers to mitigate the impact of disruptions," said Lucid CFO Sherry House in a statement. "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 still expects to start deliveries of the $179,000 Air Grand Touring Performance model in June (the price of that model remains the same), with the Air Touring and Air Pure models following later this year. Production on the Project Gravity SUV will commence in Q1 2024, said Lucid CEO Peter Rawlinson.
Rising prices for EVs are an industry-wide issue at the moment due to the Ukraine war, COVID-related factory shutdowns and more. Tesla recently raised prices on all models, with the base Model 3 rising $2,000 to $46,990. Rivian also hiked prices on its electric pickups, with the R1T rising $12,000 — but it backed off on applying them to pre-orders as it had planned, following an outcry.
Lucid also announced that it made $57.7 million revenue last quarter thanks to deliveries of 360 vehicles, the most it's made so far. The company expects to keep losing money while it builds out its manufacturing plants in Arizona and Saudi Arabia, but it has $5.4 billion in cash as a buffer.