Lucid (LCID) Earnings for Q1 2022

CEO Peter Rawlinson poses at the Lucid Motors plant in Casa Grande, Arizona, USA on September 28, 2021.

Caitlin O’Hara | Reuters

Luxury electric car maker Lucid Group said on Thursday that it has more than 30,000 orders for the Air sedan, but that all customers who make reservations after June 1 will have to pay higher prices.

Lucid said it will honor the current price for any customer with an existing booking, as well as any new customers who make a booking before the end of May. After that, prices for various Air models will increase by about 10-12%, depending on the trim level.

Lucid made announcements when he announced his first quarter results. Here are the key numbers:

  • Loss per share: 5 cents
  • Income: $57.7 million
  • Network Loss: $81.3 million
  • Machines delivered per quarter: 360
  • Car booking: Over 30,000

“We continue to have a strong balance sheet and closed the quarter with close to $5.4 billion in cash, which we believe is sufficient to fund the company in 2023,” Chief Financial Officer Sherry House said in a statement.

In February, Lucid slashed its annual production target from 20,000 vehicles to 12,000 to 14,000 vehicles, citing ongoing difficulties in obtaining essentials such as glass and carpeting. The company confirmed that it cut its forecast on Thursday.

Lucid began deliveries of the Air in October 2021 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 due to ongoing global supply chain disruptions.

CEO Peter Rawlinson, formerly chief engineer of the legendary Tesla Model S sedan, spent several years assembling the team that created the Lucid Air sedan. A group of Tesla veterans and former major automotive engineers developed new batteries and technologies that gave the Air the longest range of any electric vehicle sold in the United States.

His next vehicle, a luxury SUV called the Gravity, is expected in the first half of 2024, Lucid confirmed on Thursday.

The company said last month that the Saudi Arabian government had agreed to buy up to 100,000 of its vehicles over the next 10 years. The Saudi Public Welfare Fund owns about 62% of the American automaker.

Rawlinson clarified during a revenue call with Lucid that the 30,000 bookings do not include vehicles from the Saudi Arabian order.

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