Lucid Group releases Q1 results, says prices will rise in June

Lucid Group released its first-quarter results last week, which showed the luxury electric automaker brought in $57.7 million in revenue and delivered 360 vehicles to its customers. This is a massive increase from last year’s revenue of $313,000, and Lucid said it will be able to work through 2023 with the $5.4 billion in cash it reported for Q1. 

Lucid reported a net loss of $81.3 million. According to last week’s filing with the Securities and Exchange Commission, the company “expect[s] to incur increasing expenses and substantial losses for the foreseeable future.” Reasons provided for this expectation included ongoing development and design costs, expansion of production facilities in Arizona and Saudi Arabia, new partnerships, administrative operations, and marketing costs. 

Lucid said it expects production to ramp up throughout the year as supply chain constraints are hopefully alleviated. 

Similar to other EV companies, Lucid also announced last week that the prices of its vehicles would be rising starting at the beginning of June. The Newark, California-based company said the Air Pure price would increase to $87,400 (up $10,000), the Air Touring price would increase to $107,400 (up $12,400), and the Air Grand Touring price would increase to $154,000 (up $15,000). 

The company said current reservation holders – which reportedly include over 30,000 customers – will not be impacted by the price hikes. 

Lucid’s Chief Financial Officer, Sherry House, said the company “continue[s] to face global supply chain and logistics challenges, including Covid-related factory shutdowns in China” and that it is “working closely with [its] suppliers to mitigate the impact of disruptions.”

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