Lucid just published its first financial report of 2022, and the details are a bit disappointing. The company says it’s only delivered 360 vehicles this year, and more importantly, it’s cranking up the prices on all of its cars (minus the newly announced Lucid Air Grand Touring Performance).
Beginning June 1st, the Lucid Air Pure will cost $87,400 (an increase of $7,400), while the Lucid Air Touring will run for $107,400 (an increase of $12,400). The company’s Lucid Air Grand Touring, which was already very expensive, will cost a whopping $154,400 (that’s a $15,000 price hike).
Those who reserve a vehicle before June 1st (or already hold a reservation) don’t need to deal with these price hikes. I guess that Lucid learned from Rivian’s mistake. Still, it seems that Lucid is caught in the same position as its competitors—supply chain constraints, rising logistics costs, and aggressive expansion make EV production a very expensive ordeal, especially for a company that isn’t fully established.
Lucid tells investors that it’s on track to manufacture 12,000 to 14,000 EVs in 2022. And the company seems quite optimistic about its future, citing a 100,000 vehicle deal with the Kingdom of Saudi Arabia.
But as The Verge notes, Saudi Arabia’s Public Investment Fund is a majority owner of Lucid. Plus, Lucid has only delivered 360 vehicles this year. Like most EV manufacturers, Lucid is running on investments, and it may take a while for the company to find solid ground.
Nearly every EV manufacturer has announced a price hike this year. Tesla seems addicted to price increases, and Rivian had to backtrack on a price hike that hurt reservation holders. Polestar announced a very small price increase earlier this week, but at least it has the courtesy to give customers some extra stuff for the trouble.