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Lucid (LCID) earnings Q1 2022

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

Caitlin O’Hara | Reuters

Electrical luxurious automobile maker Lucid Group mentioned Thursday it now has greater than 30,000 reservations for its Air sedan — however any prospects making reservations after June 1 should pay larger costs.

Lucid mentioned that it’s going to honor its present pricing for any buyer with an current reservation, in addition to any new prospects who make reservations earlier than the top of Could. After that, pricing on the varied Air fashions will leap roughly 10% to 12%, relying on trim degree.

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

  • Loss per share: 5 cents
  • Income: $57.7 million
  • Web loss: $81.3 million
  • Automobiles delivered within the quarter: 360
  • Car reservations: Greater than 30,000

“We proceed to have a wholesome steadiness sheet, closing the quarter with practically $5.4 billion of money readily available, which we consider is ample to fund the corporate nicely into 2023,” Chief Monetary Officer Sherry Home mentioned in a press release.

In February, Lucid cut its full-year guidance for production from 20,000 automobiles to between 12,000 and 14,000 automobiles, citing ongoing difficulties in acquiring fundamentals like glass and carpet. The corporate maintained that diminished steerage Thursday.

Lucid began deliveries of the Air in October of 2021 to optimistic evaluations, together with Motor Pattern’s coveted Automobile of the 12 months award. Buyer demand for the Air has been robust, however the firm has struggled to ramp up manufacturing amid ongoing global supply chain disruptions.

CEO Peter Rawlinson, who beforehand served as chief engineer of Tesla‘s landmark Mannequin S sedan, spent a number of years assembling the group that created Lucid’s Air sedan. A mixture of Tesla veterans and former big-auto engineers, the group developed new batteries and applied sciences which have given the Air the longest vary of any EV bought in the US thus far.

Its subsequent automobile, a luxurious SUV known as Gravity, is predicted within the first half of 2024, Lucid confirmed on Thursday.

The corporate mentioned final month that Saudi Arabia’s authorities had agreed to buy up to 100,000 of its vehicles over the subsequent 10 years. Saudi Arabia’s public wealth fund owns about 62% of the U.S.-based automaker.

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