Lucid Motors Q1 2022 report: 360 EVs delivered, Air worth hikes coming June 1

Lucid Motors Q1 2022 report: 360 EVs delivered, Air worth hikes coming June 1


American EV automaker Lucid Motors shared its Q1 numbers for 2022, at the moment reporting almost $58 million in income regardless of a gradual uptick of deliveries. Moreover, Lucid introduced substantial worth will increase to a number of trims of its Air sedan for any new reservations starting June 1.

Whereas Lucid Motors has been working for over 15 years to carry luxurious efficiency EVs to the lots, it really stepped out into the highlight final fall when the primary deliveries of its Dream Version Air sedan started. The corporate has continued Air deliveries since then, following with the Air Grand Touring whereas managing manufacturing expectations for 2022 amidst provide chain constraints.

Whereas EV deliveries greater than doubled in Q1 of 2022 in comparison with This autumn of 2021, Lucid Motors continues to be seeking to attain full stride at its AMP-1 manufacturing facility in Arizona.

As a further signal of the occasions, Lucid has introduced upcoming worth will increase to a lot of the Air sedan trims. Right here’s a recap of Lucid’s Q1 report for 2022.

Lucid reservations, deliveries, and income for Q1 2022

In accordance with its quarterly report, Lucid delivered 360 EVs, serving to account for $57.7 million in income. Regardless of a gradual output of autos within the first three months of the 12 months, Lucid states it stays on monitor to supply 12,000 to 14,000 autos in 2022 – a revised goal first reported throughout final quarter’s earnings name.

There’s nonetheless loads of room for optimism, because the automaker nonetheless has numerous buyer demand wanting forward. Lucid CFO Sherry Home elaborated:

Our Q1 income was $57.7 million, primarily pushed by increased buyer deliveries of Lucid Air autos. We proceed to have a wholesome steadiness sheet, closing the quarter with almost $5.4 billion of money readily available, which we consider is adequate to fund the Firm nicely into 2023. Along with the 30,000 buyer reservations we introduced at the moment, we not too long ago signed a deal through which the federal government of Saudi Arabia dedicated to buy as much as 100,000 electrical autos from Lucid over the subsequent 10 years.

The as much as 100,000 EVs (50k assured) to Saudi Arabia Home mentions ought to actually assist income sooner or later, however manufacturing might want to velocity up in the US, even earlier than Lucid’s deliberate manufacturing facility in Saudi Arabia breaks floor.

Supply: Lucid Motors

Lucid Air reservations will improve in worth beginning June 1

Maybe the largest information to return out of Lucid’s Q1 2022 press launch is the numerous improve to its Air pricing, together with the Grand Touring. Lucid CEO and CTO Peter Rawlinson defined the reasoning behind the pricing resolution:

We additionally introduced at the moment that we’re growing costs of our autos that may go into impact at the start of June. The world has modified dramatically from the time we first introduced Lucid Air pricing in September 2020, however I need to reassure our current reservation holders that we’ll be honoring present pricing for them in addition to for any new reservations made earlier than the tip of the month. Wanting ahead, we stay intently centered on ramping manufacturing and are enthusiastic about our product roadmap in 2022 and past with Air Grand Touring Efficiency deliveries anticipated in June; Air Touring and Air Pure later this 12 months; and with our Undertaking Gravity SUV remaining on course to start manufacturing within the first half of 2024

Since all 520 Dream Editions have been spoken for and are wrapping deliveries, these reservations are secure. So are any extra reservations made for the Air Grand Touring, Touring, and Pure earlier than June 1.

Moreover, Lucid mentioned there can be no worth improve to the not too long ago introduced Efficiency model of the Air Grand Touring. That MSRP will keep put at a lean $179,000.

Right here’s how the pricing of the opposite three Air trims will change starting in June:

Lucid Air Trim Grand Touring Touring Pure
Beginning MSRP
till Might 31, 2022
$139,000 $95,000 $77,400
Beginning MSRP from
June 1, 2022 onward
$154,000 $107,400 $87,400
Value Distinction +$15,000 +$12,400 +$10,000

In accordance with Lucid, up to date pricing for Canada will develop into obtainable on its web site beginning June 1. Sorry Canada.

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September 2022