Lucid (LCID) profits Q1 2022

Lucid (LCID) earnings Q1 2022

Revealed: The Secrets our Clients Used to Earn $3 Billion

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

Caitlin O’Hara|Reuters

Electric high-end automobile maker Lucid Group stated Thursday it now has more than 30,000 appointments for its Air sedan– however any consumers booking after June 1 will need to pay greater costs.

Lucid stated that it will honor its present rates for any client with an existing booking, in addition to any brand-new consumers who book prior to completion ofMay After that, rates on the different Air designs will leap approximately 10% to 12%, depending upon trim level.

Lucid made the statements as it reported its first-quarter outcomes. Here are the essential numbers:

  • Loss per share: 5 cents
  • Revenue: $577 million
  • Net loss: $813 million
  • Vehicles provided in the quarter: 360
  • Vehicle appointments: More than 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 stated in a declaration.

In February, Lucid cut its full-year assistance for production from 20,000 lorries to in between 12,000 and 14,000 lorries, mentioning continuous problems in acquiring essentials like glass and carpet. The business kept that minimized assistance Thursday.

Lucid started shipments of the Air in October of 2021 to favorable evaluations, consisting of Motor Trend’s desirable Car of the Year award. Customer need for the Air has actually been strong, however the business has actually had a hard time to increase production amidst continuous international supply chain interruptions.

CEO Peter Rawlinson, who formerly worked as primary engineer of Tesla’s landmark Model S sedan, invested a number of years putting together the group that developed Lucid’s Air sedan. A mix of Tesla veterans and previous big-auto engineers, the group established brand-new batteries and innovations that have actually provided the Air the longest series of any EV offered in the United States up until now.

Its next automobile, a high-end SUV called Gravity, is anticipated in the very first half of 2024, Lucid verified on Thursday.

The business stated last month that Saudi Arabia’s federal government had actually accepted purchase up to 100,000 of its lorries over the next 10 years. Saudi Arabia’s public wealth fund owns about 62% of the U.S.-based car manufacturer.

Rawlinson clarified throughout Lucid’s profits call that the 30,000 appointments does not consist of any lorries from Saudi Arabia’s order.

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