Lucid (LCID) earnings Q1 2022

Luxury electric vehicle maker 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 rates.

Lucid said it will honor its current pricing for any customer with an existing reservation, as well as any new customers making reservations before the end of May. After that, the prices of the various Air models will increase by around 10% to 12% depending on the trim level.

Lucid made the announcements when it released its first-quarter results. Here are the key numbers:

• Loss per share: 5 cents
• Revenue: $57.7 million
• net loss: $81.3 million
• Vehicles delivered in the quarter: 360
• Vehicle Reservations: More than 30,000

“We continue to have a healthy balance sheet, ending the quarter with nearly $5.4 billion in cash, which we believe is sufficient to fund the company well into 2023,” Chief Financial Officer Sherry House said in a statement Explanation.

In February, Lucid lowered its annual production guidance from 20,000 vehicles to 12,000-14,000 vehicles, citing continued difficulties in sourcing essentials like glass and carpet. The company maintained that reduced guidance on Thursday.

Lucid began deliveries of the Air in October 2021 and has received positive reviews, including Motor Trend’s coveted Car of the Year award. Customer demand for Air has been strong, but the company has struggled to ramp up production amid ongoing global supply chain disruptions.

CEO Peter Rawlinson, who previously served as chief engineer of Tesla’s groundbreaking Model S sedan, spent several years assembling the team that developed Lucid’s Air sedan. The group, a mix of Tesla veterans and former great auto engineers, developed new batteries and technologies that have given the Air the longest range of any electric vehicle ever sold in the United States.

Its next vehicle, a luxury SUV called Gravity, is expected in the first half of 2024, Lucid confirmed Thursday.

The company said last month that the Saudi Arabian government has 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 US-based automaker.

Rawlinson clarified during Lucid’s earnings call that the 30,000 reservations do not include vehicles from Saudi Arabia’s order.