Lucid today announced that it would be raising the prices for its vehicles starting in June because “the world has changed dramatically” since prices were originally revealed, said CEO Peter Rawlinson.
As of June 1, 2022, new reservations will be priced at $87,400 for the Air Pure, $107,400 for the Air Touring, and $154,000 for the Air Grand Touring. The price of the Lucid Air Grand Touring Performance model will remain unchanged at $179,000.
That is a significant increase from Lucid’s current prices, which start at $77,400 for the Air Pure, $95,000 for the Air Touring, and $139,000 for the Air Grand Touring. Before EV rebates, the prices will increase by $10,000, $12,400, and $15,000, respectively.
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Lucid was clear to add, however, that it will honor the prices that reservation holders were quoted when they put their money down until the end of this month. With that, it avoids making the same mistake as Rivian, which introduced a price increase and attempted to apply it to the prices of vehicles that had already been reserved, leading to anger from customers and plunging stock prices. That EV startup eventually recanted and decided to honor the prices previously quoted.
Lucid‘s decision not to anger its customers will be an important one since it also announced today that it has now received 30,000 reservations. That, it says, reflects potential sales of $2.9 billion.
It will take the company a while before it can collect on them, though, since it reiterated today that it intends to make between 12,000-14,000 vehicles this year. That’s fewer than it initially wanted to make but remains at the adjusted level the company announced in February, citing supply chain issues. Although Rawlinson struck an optimistic tone today, the company’s CFO, Sherry House, was careful to warn that the global situation may still impact its performance.
“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,” House added. “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.”
Despite that, the company believes itself to be in a strong position with enough cash on hand to last it well into 2023, when sales and production should accelerate.
