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Lucid (LCID) earnings Q1 2022

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

Caitlin O’Hara | Reuters

Electric luxury vehicle maker Lucid Group said Thursday it now has greater than 30,000 reservations for its Air sedan — but any customers making reservations after June 1 could have to pay higher prices.

Lucid said that it should honor its current pricing for any customer with an existing reservation, in addition to any latest customers who make reservations before the top of May. After that, pricing on the assorted Air models will jump roughly 10% to 12%, depending on trim level.

Lucid made the announcements because it reported its first-quarter results. Listed below are the important thing numbers:

  • Loss per share: 5 cents
  • Revenue: $57.7 million
  • Net loss: $81.3 million
  • Vehicles delivered within the quarter: 360
  • Vehicle reservations: Greater than 30,000

“We proceed to have a healthy balance sheet, closing the quarter with nearly $5.4 billion of money available, which we imagine is sufficient to fund the corporate well into 2023,” Chief Financial Officer Sherry House said in a press release.

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 corporate maintained that reduced guidance Thursday.

Lucid began deliveries of the Air in October of 2021 to positive reviews, including Motor Trend’s coveted Automotive of the 12 months award. Customer demand for the Air has been strong, but the corporate has struggled to ramp up production amid ongoing global supply chain disruptions.

CEO Peter Rawlinson, who previously served as chief engineer of Tesla’s landmark Model S sedan, spent several years assembling the team that created Lucid’s Air sedan. A mixture of Tesla veterans and former big-auto engineers, the group developed latest batteries and technologies which have given the Air the longest range of any EV sold in the USA to this point.

Its next vehicle, a luxury SUV called Gravity, is anticipated in the primary half of 2024, Lucid confirmed on Thursday.

The corporate said last month that Saudi Arabia’s government had agreed to purchase as much as 100,000 of its vehicles over the following 10 years. Saudi Arabia’s public wealth fund owns about 62% of the U.S.-based automaker.

Rawlinson clarified during Lucid’s earnings call that the 30,000 reservations doesn’t include any vehicles from Saudi Arabia’s order.

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