Lucid To Raise Price Of Its Luxury Air EVs Portfolio

American specialised electric car company Lucid has announced in its earnings report that it is raising the pricing of its luxury Air EV portfolio by up to 13%.

The Air Grand Touring model will increase by $15,000 to $154,000, while the Air Touring model will increase by $12,400 to $107,400, and the cheapest Air Pure model will increase by $10,000 to $87,400.

The 30,000 current reservation holders will not be affected by the higher costs.

Lucid's CFO, Sherry House in a statement said "We, like many other companies in our industry, continue to experience global supply chain and logistics problems, including manufacturing closures in China connected to Covid.

"To reduce the impact of disruptions, we're working closely with our suppliers.

"While any prolonged disruptions may have an impact on our production prediction, we are reiterating our 12,000-14,000 car production forecast for 2022 based on the information we have at this time combined with our mitigation efforts," the company said.

The $179,000 Air Grand Touring Performance model will continue to be delivered in June followed by the Air Touring and Air Pure variants later this year. According to Lucid CEO Peter Rawlinson, production of the Project Gravity SUV will start in Q1 2024.

Due to the Ukraine conflict, COVID-related production closures, and other factors, EV prices are currently rising.

Tesla just upped prices across the board, with the base Model 3 now costing $46,990. Rivian likewise raised pricing on its electric pickups, with the R1T going up $12,000, although it didn't apply the price increases to pre-orders as intended, citing public uproar.

Lucid also stated that it produced $57.7 million in revenue last quarter, the highest it's ever made, thanks to 360 vehicle deliveries.

While the firm intends to continue losing money as it expands its manufacturing facilities in Arizona and Saudi Arabia, it has $5.4 billion in cash on hand as a safety net.