By Sam Boughedda
Investing.com -- Lucid Group (NASDAQ:LCID) announced Thursday evening that it will be raising the price of its vehicles from the beginning of June.
The company's shares, which moved lower at the start of Friday's session, are currently up 0.7%.
Lucid posted a smaller than expected quarterly loss of 5 cents per share on revenue of $57.68 million during the first quarter. Analysts polled by Investing.com expected a loss of 30 cents per share on revenue of $53.43 million.
Revenue was driven by customer deliveries of 360 vehicles in the quarter. The company said there is strong demand with reservations topping 30,000, reflecting potential sales of $2.9 billion.
Lucid said its production volume outlook for 2022 is on track at 12,000 to 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.
The electric vehicle firm also announced price increases starting in June. However, they stated that they will honor current pricing for existing reservation holders and new reservations made before the end of the month.
At the start of June, new reservations in the US will be $154,000 for Air Grand Touring, $107,400 for Air Touring, and $87,400 for Air Pure.
However, the price for the new Lucid Air Grand Touring Performance model will remain priced at $179,000.