In its earnings report, Lucid has announced that it is boosting the costs of its luxurious Air EV lineup as a lot as 13 p.c, TechCrunch reported. The Air Grand Touring mannequin will rise $15,000 to $154,000, the Air touring will leap $12,400 to $107,400 and the most cost effective Air Pure mannequin will go up $10,000 to $87,400. The new costs won’t have an effect on the 30,000 present reservation holders.

“Similar to many companies in our industry, we continue to face global supply chain and logistics challenges, including Covid-related factory shutdowns in China. We are working closely with our suppliers to mitigate the impact of disruptions,” stated Lucid CFO Sherry House in an announcement. “While any extended disruptions could result in an impact to our production forecast, today we are reiterating our 12,000-14,000 vehicle production forecast for 2022 based on the information we have at this point combined with our mitigation plans.”

Lucid nonetheless expects to begin deliveries of the $179,000 Air Grand Touring Performance mannequin in June (the value of that mannequin stays the identical), with the Air Touring and Air Pure fashions following later this yr. Production on the Project Gravity SUV will begin in Q1 2024, stated Lucid CEO Peter Rawlinson. 

Rising costs for EVs are an industry-wide difficulty in the meanwhile because of the Ukraine warfare, COVID-related manufacturing unit shutdowns and extra. Tesla not too long ago raised costs on all fashions, with the bottom Model 3 rising $2,000 to $46,990. Rivian additionally hiked costs on its electrical pickups, with the R1T rising $12,000 — but it surely backed off on making use of them to pre-orders because it had deliberate, following an outcry. 

Lucid additionally introduced that it made $57.7 million income final quarter due to deliveries of 360 autos, probably the most it is made thus far. The firm expects to maintain dropping cash whereas it builds out its manufacturing vegetation in Arizona and Saudi Arabia, but it surely has $5.4 billion in money as a buffer.