Yesterday, Lucid Group, Inc. (NASDAQ:) announced the launching of a new, faster Air luxury sedan with 1,050 horsepower and a 446-mile range.

Lucid Air Grand Touring Performance’s new model will go on sale in June at $179,000 Lucid’s previous Air sedan has impressed drivers and critics around the world, partly thanks to the remarkable performance of the 1,111 horsepower Dream Edition.

Lucid had a production limit of 520 units for that model, and the Grand Air Touring Performance will be produced, although it will still cost $10,000 less than the Dream Edition.

Lucid stated that production on the new Air sedan is in an early stage. Lucid said that the electric vehicle manufacturer produced approximately 400 units since September’s production started. He also stated that there were around 25,000 Air reservations.

According to the company, it expects to sell between 12,000-14,000 cars by 2022. That is down from its initial outlook of 20,000. The Air has been hit hard with global supply chain issues that have reduced production.

The company decided to build the new version of Air after seeing increasing demand for the powerful luxury sedan, said Lucid’s CEO Peter Rawlinson. The carmaker was able to develop the new, even faster model; thanks to its “vertical integration,” Rawlinson added.

Itay Michaeli, Citi analyst, commented on the announcement:

“The introduction of new trims is fairly common and so we don’t view this as major news. However, if Lucid does see healthy demand for this new Performance trim, it could benefit ASPs/mix later this year,” the analyst said in a client note.

By Senad Karaahmetovic