Lucid Motors Q1 2022 Report: 360 EVs Delivered, Air Price Hikes Coming June 1

Lucid Motors Q1 2022 Report: 360 EVs Delivered, Air Price Hikes Coming June 1

Lucid Motors Q1 2022 Report: 360 EVs Delivered, Air Price Hikes Coming June 1

US automaker Lucid Motors has shared its first quarter 2022 figures, today reporting nearly $58 million in revenue despite a slow increase in deliveries. Additionally, Lucid announced substantial price increases for several versions of its Air sedan for all new bookings starting June 1.

While Lucid Motors has been working for more than 15 years to bring luxury electric vehicles to the masses, it really stepped into the spotlight last fall when the first deliveries of its Dream Edition Air sedan began. The company has continued air deliveries since then, followed by the Air Grand Touring while managing production expectations for 2022 amid supply chain constraints.

While electric vehicle deliveries more than doubled in the first quarter of 2022 compared to the fourth quarter of 2021, Lucid Motors is still looking to hit full steam at its AMP-1 manufacturing facility in Arizona.

As a further sign of the times, Lucid announced upcoming price increases for most Air sedan versions. Here’s a recap of Lucid’s Q1 report for 2022.

Clear reservations, deliveries and revenues for the first quarter of 2022

According to its quarterly report, Lucid delivered 360 electric vehicles, contributing to revenue of $57.7 million. Despite slow vehicle production in the first three months of the year, Lucid says it remains on track to produce 12,000 to 14,000 vehicles in 2022 – a revised target first reported during the call for the results of the last quarter.

There is still plenty of room for optimism as the automaker still has plenty of customer demand for the future. Lucid CFO Sherry House explained:

Our first quarter revenue was $57.7 million, primarily due to increased customer deliveries of Lucid Air vehicles. We continue to have a healthy balance sheet, ending the quarter with nearly $5.4 billion in cash, which we believe is enough to fund the company through 2023. In addition to the 30,000 customer reservations we we announced today, we recently signed an agreement in which the Saudi government committed to purchase up to 100,000 electric vehicles from Lucid over the next 10 years.

the until 100,000 EVs (50,000 guaranteed) at Saudi Arabia House endorsements should certainly help revenue going forward, but production will need to ramp up in the US, even before Lucid’s planned Saudi production plant Saudi does not start.

Lucid Q1 2022
Source: Lucid Motors

Lucid Air bookings will increase from June 1

Perhaps the biggest news to come out of Lucid’s Q1 2022 press release is the significant increase in its airfares, including Grand Touring. Lucid CEO and CTO Peter Rawlinson explained the reasoning behind the pricing decision:

We also announced today that we are increasing the prices of our vehicles which will take effect at the beginning of June. The world has changed dramatically since when we first announced Lucid Air prices in September 2020, but I want to reassure our existing reservation holders that we will stick to current prices for them and any new bookings made. Before the end of the month. . Looking ahead, we remain focused on ramping up production and are excited about our product roadmap into 2022 and beyond with Air Grand Touring Performance deliveries expected in June; Air Touring and Air Pure later this year; and with our Gravity SUV project remaining on target to begin production in the first half of 2024

Since the 520 Dream Editions have been announced and are in the process of being delivered, these reservations are secure. The same applies to additional bookings made for Air Grand Touring, Touring and Pure before June 1.

Additionally, Lucid said there will be no price increase for the recently announced Performance version of the Air Grand Touring. That MSRP will stay at a paltry $179,000.

Here’s how the price of the other three Air versions will change starting in June:

Lucid Air Trim Grand Touring Tour Pure
Starting MSRP
until May 31, 2022
$139,000 $95,000 $77,400
Start MSRP From
From June 1, 2022
$154,000 $107,400 $87,400
Price difference +$15,000 +$12,400 +$10,000

According to Lucid, updated pricing for Canada will be available on its website starting June 1. Sorry Canada.

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