Lucid Group is the most recent automaker to up the worth of its electrical autos.
The corporate introduced Thursday alongside its first-quarter earnings report that it was elevating costs of the variants of its luxurious Air sedan, starting June 1. The worth hikes push the bottom value of the Air sedan as a lot as 13%.
All present reservation holders is not going to expertise value hikes, the corporate mentioned, noting that up to date pricing for Canada shall be made public on June 1. Contemplating that Lucid disclosed it has 30,000 reservations for the Air, it will likely be awhile earlier than the corporate sees the profit from these raised costs.
The Air Grand Touring will enhance about $15,000 to a price of $154,000; the Air Touring will price $12,400 extra at $107,400; and the Air Pure will go up $10,000, to $87,400. The Lucid Air Grand Touring Efficiency mannequin, the worth of which was introduced two weeks in the past, will stay the identical at $179,000, the corporate mentioned. All of those costs are for base fashions, so the ultimate price ticket may very well be a lot increased for patrons.
Different automakers like Tesla and Rivian have introduced related will increase in value for his or her electrical autos, blaming ongoing provide chain points from the pandemic and Russia’s invasion of Ukraine, as well as inflation, for the rising prices from suppliers, which are actually being handed on to the patron. In Rivian’s case, the corporate was initially going to boost costs for reservation holders as effectively, however shortly reversed that call.
“Just like many firms in our trade, we proceed to face international provide chain and logistics challenges, together with Covid-related manufacturing unit shutdowns in China. We’re working intently with our suppliers to mitigate the affect of disruptions,” Sherry Home, Lucid’s CFO, mentioned in a press release. “Whereas any prolonged disruptions might lead to an affect to our manufacturing forecast, right this moment we’re reiterating our 12,000-14,000 automobile manufacturing forecast for 2022 primarily based on the knowledge now we have at this level mixed with our mitigation plans.”
Lucid’s steerage for deliveries stay unchanged, and the corporate mentioned it nonetheless expects Air Grand Touring Efficiency deliveries in June, in addition to Air Touring and Air Pure anticipated later this yr. The Venture Gravity SUV stays on the right track to start manufacturing within the first half of 2024, in keeping with Lucid’s CEO and CTO Peter Rawlinson.
Final quarter, Lucid lowered its guidance from 20,000 units, a determine it promised in its Q3 earnings.
The EV startup mentioned it’s experiencing robust demand with greater than 30,000 buyer reservations as of right this moment, which represents potential gross sales of $2.9 billion, the corporate mentioned. Whether or not it will likely be in a position to sustain that demand with its present value bounce is one other query, however presumably those that are wealthy sufficient to purchase a Lucid automobile anyway will see an additional $12,000 as merely pocket change.
The corporate additionally famous that it not too long ago signed a deal during which the federal government of Saudi Arabia dedicated to buy as much as 100,000 electric vehicles from Lucid over the following 10 years. This deal, which was introduced final month, follows a mortgage settlement from the Saudi authorities that the businesses entered into in late February, in keeping with Lucid’s 10-Q filing with the Securities and Change Fee. The settlement commits Saudi Arabia to offer loans of as much as $1.4 billion to Lucid, offered the federal government can cut back that availability of capital underneath sure circumstances.
Lucid Motors Q1 2022 financials
Lucid Motors closed out the quarter with $57.7 million in income, which the corporate says is pushed primarily by buyer deliveries of 360 autos over the three months ending on March 31. That’s up massively from the $313,000 the corporate pulled in throughout the identical quarter final yr. It’s additionally greater than analysts’ expectations of $53.43 million, in keeping with Yahoo Finance estimates.
Lucid’s steadiness sheet exhibits practically $5.4 billion of money readily available, which the corporate says is ample to fund operations effectively into 2023. That aligns with analyst expectations round easing of provide chain points within the second half of the yr, which can enable the corporate to ramp up manufacturing and probably stick with its longer-term progress roadmap, together with increasing its manufacturing line-up and abroad availability.