Lucid Reports This Many EV Reservations and Raises its Prices on its Air Sedans

American electric vehicle manufacturer Lucid has reported 30,000 electric vehicle reservations and has raised its prices on its Air sedans.

The company reported first quarter financial results and revealed the price increases then.

Customers reserving a Lucid Air in June or later will pay 10% to 12% more for their vehicles but the company said it will honor current pricing for all existing reservations, and for any new reservations made before the end of May.

For the first quarter, Lucid reported a loss per share of 5 cents, revenue at $57.7 million, and a net loss of $81. 3million. Vehicles delivered in the quarter came to 360, while reservations hit over 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 maintained its previous full-year production guidance.

Shares fell however after the company cut 2022 electric vehicle production guidance

In February, Lucid cut its full-year guidance for production from 20,000 vehicles to between 12,000 and 14,000 vehicles, citing ongoing difficulties in obtaining basics like glass and carpet. The company maintained that reduced guidance Thursday.

Lucid began deliveries of the Air in October of 2021 to positive reviews. Motor Trend’s gave it the coveted Car of the Year award.

The company’s next vehicle, a luxury SUV called Gravity, is expected in the first half of 2024, Lucid confirmed on Thursday.

The company said last month that Saudi Arabia’s government had agreed to buy up to 100,000 of its vehicles over the next 10 years. Saudi Arabia’s public wealth fund owns about 62% of the U.S.-based automaker.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.