Automobile

Delivery of 360 Lucid Airs in Q1 is an improvement

Rawlinson also said last week that demand continues to be strong, with more than 30,000 reservations for different trims of the Air, including a healthy mix of the most expensive ones.

Lucid last month added a top-tier Grand Touring Performance trim that will start at $180,650, including shipping. The previous top trim was the limited-run Air Dream Edition that sold out at 520 vehicles.

CFO Sherry House said the price hikes for other trims are coming in anticipation of increased parts and shipping costs, as well as some higher costs for the next phase of factory construction.

The price increases are effective June 1, leaving a small window for new reservations to lock in at current prices.

After this month, new reservations in the U.S. will start at $155,650 for the regular version of the Air Grand Touring, including shipping. That’s up from $140,500.

Lucid said it’s on track to produce more inexpensive trims later in the year. The Air Touring will start at $109,050, up from $96,500 currently. The base Air Pure will start at $89,050, up from its current price of $78,900, the company said.

“Similar to many companies in our industry, we continue to face global supply chain and logistics challenges, including COVID-related factory shutdowns in China,” House said.

In first-quarter financial results, Lucid posted a $598 million operating loss on revenue of $57.6 million. House said the automaker’s $5.4 billion cash on hand would allow it to execute its expansion plans into 2023 as it rolls out more inexpensive versions of the Air and plans for the 2024 launch of the Gravity utility vehicle, the automaker’s second nameplate.

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