Lucid is set to increase prices across its Air lineup, just months after the company started deliveries of the electric sedan.
The new pricing is as follows:
Lucid Air Pure - $87,400 (up from $77,400)
Lucid Air Touring - $107,400 (up from $95,000)
Lucid Air Grand Touring - $154,000 (up from $139,000)
Lucid Air Grand Touring Performance - $179,000 (unchanged)
The new pricing only applies from June 1, and reservation holders with the previous pricing won't have to pay the higher prices once it's time to convert those reservation to orders, Lucid has confirmed. Rival EV startup Rivian also raised prices recently but walked them back for reservation holders after a backlash.
“The world has changed dramatically from the time we first announced Lucid Air back in September 2020,” Peter Rawlinson, Lucid's CEO, said about the price rises during an earnings call last week.
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Sherry House, Lucid's CFO, provided more details in a statement to TechCrunch.
“Similar to many companies in our industry, we continue to face global supply chain and logistics challenges, including Covid-related factory shutdowns in China,” she said.
Although Lucid has thoroughly impressed with the Air, the company has been struggling with production. It reported delivering just 360 units to customers in the first quarter of 2022. The company also reported a loss of $81 million in the quarter on sales of $58 million.
There are some bright spots. The loss is much smaller than the $2.9 billion Lucid lost in 2021, and Lucid is sitting on about $5.4 billion in cash reserves to keep it running through 2023. The company also said it has 30,000 reservation for the Air, plus a purchase agreement from main shareholder Saudi Arabia for 100,000 vehicles.