Lucid (LCID) earnings Q1 2022

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

Caitlin O’Hara | Reuters

Electrical luxury motor vehicle maker Lucid Group mentioned Thursday it now has far more than 30,000 reservations for its Air sedan — but any clients earning reservations just after June 1 will have to pay better prices.

Lucid explained that it will honor its current pricing for any buyer with an existing reservation, as effectively as any new clients who make reservations ahead of the finish of May. Right after that, pricing on the numerous Air types will jump approximately 10% to 12%, based on trim degree.

Lucid built the announcements as it noted its first-quarter benefits. Right here are the important quantities:

  • Reduction for every share: 5 cents
  • Earnings: $57.7 million
  • Web decline: $81.3 million
  • Motor vehicles delivered in the quarter: 360
  • Car or truck reservations: Much more than 30,000

“We carry on to have a healthy stability sheet, closing the quarter with nearly $5.4 billion of income on hand, which we believe that is ample to fund the organization perfectly into 2023,” Main Fiscal Officer Sherry Residence mentioned in a statement.

In February, Lucid lower its comprehensive-year advice for manufacturing from 20,000 motor vehicles to involving 12,000 and 14,000 autos, citing ongoing troubles in obtaining fundamentals like glass and carpet. The company managed that diminished direction Thursday.

Lucid started deliveries of the Air in October of 2021 to good opinions, like Motor Trend’s coveted Automobile of the Year award. Purchaser demand from customers for the Air has been solid, but the company has struggled to ramp up generation amid ongoing international supply chain disruptions.

CEO Peter Rawlinson, who beforehand served as main engineer of Tesla’s landmark Model S sedan, spent numerous several years assembling the group that produced Lucid’s Air sedan. A blend of Tesla veterans and previous huge-auto engineers, the team designed new batteries and systems that have supplied the Air the longest vary of any EV offered in the United States so considerably.

Its next automobile, a luxury SUV named Gravity, is anticipated in the initially 50 percent of 2024, Lucid confirmed on Thursday.

The company mentioned last month that Saudi Arabia’s authorities had agreed to buy up to 100,000 of its autos over the subsequent 10 a long time. Saudi Arabia’s general public wealth fund owns about 62% of the U.S.-based mostly automaker.

Rawlinson clarified through Lucid’s earnings get in touch with that the 30,000 reservations does not consist of any automobiles from Saudi Arabia’s order.