Lucid studies 30,000 EV reservations and raises costs on its Air sedans

Electric luxurious automobile maker Lucid Group stated Thursday it now has greater than 30,000 reservations for its Air sedan — however any prospects making reservations after June 1 should pay greater costs.

Lucid stated that it’ll honor its present pricing for any buyer with an present reservation, in addition to any new prospects who make reservations earlier than the top of May. After that, pricing on the assorted Air fashions will bounce roughly 10% to 12%, relying on trim stage.

Lucid made the bulletins because it reported its first-quarter outcomes. Here are the important thing numbers:

• Loss per share: 5 cents
• Revenue: $57.7 million
• Net loss: $81.3 million
• Vehicles delivered within the quarter: 360
• Vehicle reservations: More than 30,000

“We continue to have a healthy balance sheet, closing the quarter with nearly $5.4 billion of cash on hand, which we believe is sufficient to fund the company well into 2023,” Chief Financial Officer Sherry House stated in a press release.

In February, Lucid lower its full-year steering for manufacturing from 20,000 autos to between 12,000 and 14,000 autos, citing ongoing difficulties in acquiring fundamentals like glass and carpet. The firm maintained that diminished steering Thursday.

Lucid started deliveries of the Air in October of 2021 to optimistic evaluations, together with Motor Trend’s coveted Car of the Year award. Customer demand for the Air has been robust, however the firm has struggled to ramp up manufacturing amid ongoing international provide chain disruptions.

CEO Peter Rawlinson, who beforehand served as chief engineer of Tesla’s landmark Model S sedan, spent a number of years assembling the workforce that created Lucid’s Air sedan. A mixture of Tesla veterans and former big-auto engineers, the group developed new batteries and applied sciences which have given the Air the longest vary of any EV bought within the United States to date.

Its subsequent automobile, a luxurious SUV referred to as Gravity, is predicted within the first half of 2024, Lucid confirmed on Thursday.

The firm stated final month that Saudi Arabia’s authorities had agreed to purchase as much as 100,000 of its autos over the subsequent 10 years. Saudi Arabia’s public wealth fund owns about 62% of the U.S.-based automaker.

Rawlinson clarified throughout Lucid’s earnings name that the 30,000 reservations doesn’t embrace any autos from Saudi Arabia’s order.