Lucid Group has published its Q1 2022 financial results and the luxury electric vehicle (EV) maker has been able to improve on its performance in 2021.
Lucid said it was able to generate $57.7 million in revenue on the back of 360 vehicle deliveries in the first three months of the year.
That is more than double what it was able to deliver in Q4 2021, when 125 Lucid Air sedans were handed over to new owners.
While still in the midst of ramping production, Lucid posted a net loss of $83.3 million for the quarter. Chief Financial Officer Sherry House said the automaker still have plenty of cash on hand to keep the company going into next year.
“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,” House said in a press release.
Lucid also announced it now has more than 30,000 reservations, equating to approximately $2.9 billion in potential future revenue.
The good news is that those 30,000+ customers, any anyone who makes a reservation by May 31, 2022 will not be subject to a price increase.
As of June 1, 2022 the pricing structure for the Lucid Air will be as follows:
- Air Grand Touring Performance: $179,900 (no change)
- Air Grand Touring: $154,000 (up from $139,000)
- Air Touring: $107,400 (up from $95,000)
- Air Pure: $87,400 (up from $77,400)
All of these prices are in US dollars. Canadian pricing will be posted on Lucid’s website on June 1, 2022.
Like all automakers, Lucid said they continue to be faced with supply chain and logistics challenges, but reiterated its annual guidance of producing between 12,000 and 14,000 vehicles in 2022.
“Similar to many companies in our industry, we continue to face global supply chain and logistics challenges, including Covid-related factory shutdowns in China. We are working closely with our suppliers to mitigate the impact of disruptions. While any extended disruptions could result in an impact to our production forecast, today we are reiterating our 12,000-14,000 vehicle production forecast for 2022 based on the information we have at this point combined with our mitigation plans,” House added.