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Lucid (LCID) earnings Q1 2022


The Lucid Motors plant at Casa Grande in Arizona is seen by CEO Peter Rawlinson on September 28, 2021.

Caitlin O’Hara | Reuters

Creator of luxury electric vehicles Lucid Group said Thursday it now has more than 30,000 reservations for its Air sedan — but any customers making reservations after June 1 will have to pay higher prices.

Lucid stated that they will honour their current prices for customers with existing reservations, and new customers making reservations prior to May 31st. The prices for each Air model will increase anywhere between 10% and 12% depending on when they are purchased.

Lucid reported the information to Lucid. first-quarter results. Below are some key numbers

  • Percentage of loss:5 Cents
  • Revenue: $57.7 million
  • Net loss: $81.3 Million
  • Delivered vehicles in quarter 360
  • Reservations for vehicles: There are more than 30.000

“We continue to have a healthy balance sheet, closing the quarter with nearly $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 a statement.

Lucid is February cut its full-year guidance for productionThe increase in vehicles from 22,000 vehicles to as high as 12,000- 14,000 was due to continued difficulties with basic items like glass or carpet. On Thursday, the company did not change its guidance.

Lucid began deliveries of the AirIn October 2021, the Air received positive reviews and was awarded the Car of the year award by Motor Trend. Although the Air is a popular product, the company has had difficulty boosting production. ongoing global supply chain disruptions.

In 2024, the company will release its next luxury SUV named Gravity.

Last month, the firm stated that Saudi Arabia had agreed to its government. buy up to 100,000 of its vehiclesThe next ten years will be a period of great change. Saudi Arabia’s Public Wealth Fund owns 62% of American-based automaker.

Peter Rawlinson was the former chief engineer and CEO. TeslaLucid, the iconic Model S sedan. It took several years to assemble the team behind Lucid’s Air sedan. The group, which includes Tesla experts and ex-big-auto engineers has developed new batteries for the Air and other technologies to make it the most reliable EV in America.

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