Sam Boughedda

Investing.com — Lucid Group (NASDAQ:) announced Thursday evening that it will be raising the price of its vehicles from the beginning of June.

The shares of the company, which were lower in Friday’s session at the beginning, are now up 0.7%.

Lucid reported a lower than anticipated quarterly loss at 5 cents per share for revenue of $57.68million during the quarter. Investing.com polled analysts and expected a loss in the quarter of 30% on revenues of $53.43million.

Deliveries of 360 vehicles by customers in quarter three drove revenue. According to the company, there was strong demand for vehicles with reservation totals exceeding 30,000. This could translate into potential sales of $2.9Billion.

Lucid stated that its 2022 production volumes are on track for 12,000-14,000 vehicles.

“We continued to make progress in the first quarter of 2022 despite ongoing global supply chain challenges. We are nearing completion of deliveries of Lucid Air Dream Edition, and we began deliveries of Lucid Air Grand Touring, with an EPA-estimated range of up to 516 miles and an unprecedented efficiency of 4.6 miles per kilowatt-hour,” said Peter Rawlinson, Lucid’s CEO and CTO.

Also, the company announced that prices will rise starting June. They stated, however that current prices will be honored for all existing reservations holders as well as new reservations made prior to the end of each month.

New reservations for the US at the beginning of June will cost $154,000 for Air Grand Touring and $107,400 respectively for Air Touring and Air Pure.

Lucid Air Grand Touring Performance will continue to be priced at $179,000.