May 10, 2022: On Thursday, Electric luxury vehicle maker Lucid Group said it has more than 30,000 reservations for its Air sedan. Still, customers who would make reservations after June 1 will have to pay higher prices.
Lucid said it would honor its current pricing for any customer with an existing reservation and any latest customers who make reservations before May end.
“We continue to have a healthy balance sheet, which ends the quarter with almost $5.4 billion of cash on hand, which we believe is sufficient to fund the company well into 2023,” Chief Financial Officer Sherry House said.
In February, Lucid cut its guidance for production from 20,000 vehicles to between 12,000 and 14,000 vehicles, which cited ongoing difficulties in obtaining basics such as glass and carpet. The company maintained that reduced guidance Thursday.
Lucid started deliveries of the Air in October of 2021 to positive reviews, which include Motor Trend’s coveted Car of the Year award. Customer demand for the Air has been strong, but the company struggles to ramp up production between ongoing global supply chain disruptions.
While serving as chief engineer of Tesla’s landmark Model S sedan, CEO Peter Rawlinson spent a recent years assembling the team that created Lucid’s Air sedan. A mix of Tesla veterans and former big-auto engineers, the group developed recent batteries and technologies that have given the Air the most extended range of any EV sold in the United States so far.
Its next vehicle, a luxury SUV known as Gravity, is expected in the first half of 2024, Lucid confirmed on Thursday.
Last month, the company said that Saudi Arabia’s government had agreed to buy up to 100,000 of its vehicles over the next ten years. Saudi Arabia’s public wealth fund owns 62% of the U.S.-based automaker.
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