Electric luxury vehicle maker Lucid Group (NASDAQ:LCID) now has more than 30,000 reservations for its Air sedan — but any customers making reservations after June 1 will have to pay higher prices.
Lucid said that it will honour its current pricing for any customer with an existing reservation, as well as any new customers who make reservations before the end of May. After that, pricing on the various Air models will jump roughly 10% to 12%, depending on trim level.
Lucid made the announcements as it reported its first-quarter results.
The company sustained a loss per share of five cents, on revenue of $57.7 million. The net loss proved to be $81.3 million. It sold 360 vehicles delivered in the quarter, and saw reserved 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 said in a statement.
In February, Lucid cut its full-year guidance for production from 20,000 vehicles to between 12,000 and 14,000 vehicles, citing ongoing difficulties in obtaining basics like glass and carpet. The company maintained that reduced guidance Thursday.
Lucid began deliveries of the Air last October to positive reviews, including Motor Trend’s coveted Car of the Year award. Customer demand for the Air has been strong, but the company has struggled to ramp up production amid ongoing global supply chain disruptions.
LCID shares backpedaled, however, 1.37%, or 7.3%, to $17.48.
