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Lucid (LCID) earnings Q1 2022

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

Caitlin O’Hara | Reuters

Electric luxury car maker Lucid Team explained Thursday it now has far more than 30,000 reservations for its Air sedan — but any consumers producing reservations soon after June 1 will have to pay higher selling prices.

Lucid claimed that it will honor its existing pricing for any customer with an existing reservation, as nicely as any new customers who make reservations in advance of the close of Might. Immediately after that, pricing on the numerous Air models will leap around 10% to 12%, dependent on trim level.

Lucid built the bulletins as it claimed its initially-quarter final results. Right here are the key figures:

  • Loss per share: 5 cents
  • Earnings: $57.7 million
  • Web decline: $81.3 million
  • Autos shipped in the quarter: 360
  • Car or truck reservations: A lot more than 30,000

“We go on to have a wholesome harmony sheet, closing the quarter with nearly $5.4 billion of income on hand, which we imagine is ample to fund the enterprise properly into 2023,” Main Economical Officer Sherry Dwelling mentioned in a assertion.

In February, Lucid minimize its total-12 months direction for generation from 20,000 cars to among 12,000 and 14,000 autos, citing ongoing problems in getting fundamentals like glass and carpet. The enterprise taken care of that lessened steering Thursday.

Lucid started deliveries of the Air in October of 2021 to beneficial reviews, together with Motor Trend’s coveted Auto of the Calendar year award. Purchaser desire for the Air has been strong, but the business has struggled to ramp up production amid ongoing world-wide offer chain disruptions.

CEO Peter Rawlinson, who formerly served as chief engineer of Tesla’s landmark Model S sedan, invested various years assembling the team that developed Lucid’s Air sedan. A combine of Tesla veterans and previous big-vehicle engineers, the group designed new batteries and systems that have provided the Air the longest range of any EV sold in the United States so significantly.

Its subsequent auto, a luxury SUV named Gravity, is anticipated in the to start with fifty percent of 2024, Lucid confirmed on Thursday.

The company explained past thirty day period that Saudi Arabia’s governing administration had agreed to get up to 100,000 of its cars above the next 10 decades. Saudi Arabia’s community prosperity fund owns about 62% of the U.S.-dependent automaker.

Rawlinson clarified throughout Lucid’s earnings connect with that the 30,000 reservations does not contain any cars from Saudi Arabia’s purchase.