Though much was already known about the luxury electric sedan, the company has now announced the price of its several variants for the first time, starting at just around $80,000 for the base option. Investor’s Business Daily.After months of build up, Lucid Motors has finally come up with its first ever electric vehicle named Lucid Air. Lucid Earnings: Analyst Flags These Worries After Tesla Rival’s Cash Burn, EV Price Hikes. Rivian Reverses Surprise Price-Hike for Reservation Holders, New Orders Still Cost More. Lucid raises prices effective June 1, but no price hike for reservation-holders. Lucid Reports First Quarter 2022 Financial Results. Nevertheless, manufacturers managed to build enough vehicles to maintain profitability and stay on track for future products. auto sales fell by approximately 18 percent last month because of supply issues exacerbated by the chip shortage. What the Saudis cannot do is control the cost of materials or make additional semiconductor chips available.
The EV maker “simply” needs more potential customers to convert to actual sales with a larger percentage of them opting for costlier models. Some of the optional models the Saudis might claim could include the Gravity. Although it is not due until 2024, it most likely will have higher profit margins to go with it. The EV maker also has a second model in the works, the Gravity SUV. The more profitable sales, though, will come from individual buyers, although a purchase of this scope sends a vote of confidence to Lucid. The country’s Public Investment Fund announced earlier this week that it would purchase 50,000 Lucid models with the option to take an additional 50,000 over 10 years. Saudi Assistanceįor Lucid, its main help may come from the Saudis who hold a 61-percent stake in the business. After a strong backlash, Rivian amended the change to cover new orders only. That move is in stark contrast to Rivian which had announced a price increase of 20 percent, including for reservation holders. Current reservation holders and those who convert to a sale before June 1 won’t see higher prices. Lucid claims that 30,000 individuals have expressed interest in its vehicles. That is on top of the hundreds of millions of dollars expended in 2020 as the EV maker announced pricing and its production plans. The company lost $2.58 billion in 2021 and spent more than $500 million in stock-based compensation. The company says it has enough cash on hand to last through 2023. On the financial front, Lucid has $5.4 billion in reserve, although it burned through $870 million in the first quarter alone. Lucid says it is on track to build 12,000 to 14,000 copies this year, as recently adjusted. In the first quarter, Lucid built 360 units, up from the 125 manufactured during the fourth quarter of 2021. Lucid Motors remains relatively strong, despite slower initial manufacturing. Buyers may be eligible for a $7,500 federal tax credit in addition to state and local incentives. The latest Lucid Air model was announced only two weeks earlier, therefore it will remain priced at $179,000. One price will remain stable and that one covers the product-line-topping Lucid Air Grand Touring Performance model. Inflation is taking its toll everywhere and manufacturers are passing these costs to consumers. The price increases reflect in part the higher cost of materials. The standard Air Pure model will cost $87,400 for Air Pure. The price increases mean that customers will pay from $154,000 for the Air Grand Touring and $107,400 for the Air Touring.
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