CEO Peter Rawlinson says the company is committed to honoring prices for existing reservation holders, though.

We’ve seen a round of price increases recently among electric vehicle manufacturers, with Rivian, Tesla and BYD announcing price hikes as they battle rising raw materials costs.

Obviously, this problem affects all EV manufacturers and Lucid Group makes no exception. The California-based startup had admitted it is looking into raising prices for future models amid “huge inflationary pressures.”

Citing high nickel prices, CEO Peter Rawlinson said that price hikes for future models are inevitable in a March 17 interview with Reuters on the sidelines of the South by Southwest music, technology and film festival (SXSW).

“There’s an inevitability that we will have to look at the price points of models that are coming out in the future. I think it would be absolutely foolish of me to say we’re never going to raise our prices.”

However, the company is committed to honoring prices for existing reservation holders, Rawlinson added. This is probably the wise thing to do, considering the backlash Rivian faced after announcing that the price increases applied for existing orders. In the end, common sense prevailed and CEO RJ Scaringe reverted the decision.

Gallery: Lucid SUV

8 Photos

When talking about future models, Lucid Group CEO Peter Rawlinson likely referred both to the Project Gravity SUV and less expensive trim levels of the Lucid Air sedan—Pure, Touring, and Grand Touring. Lucid has built and delivered only Air Dream Edition models so far, which start at $169,000. 

The company recently cut its production forecast for 2022 to 12,000-14,000 vehicles, down from its original target of 20,000 vehicles. Lucid blamed the significant reduction on “extraordinary supply chain and logistics challenges.” Its shares lost 14% of their value after the announcement.

Rawlinson has now explained that the bottlenecks were caused by suppliers for windshield glass, carpeting and some exterior trim parts.

“It’s about a handful suppliers that are gating our volume. I’m super frustrated because we’re not gated by silicon chips, we’re not gated by our ability to make electric motors.”

He added that changing suppliers for those parts is not an option as that would compromise quality. Rawlinson also said he was not concerned about short-term market reactions to Lucid’s production cuts, as he was working on a 10-year plan.

“Customer satisfaction and recognition of the quality trumps short-term myopic attention to how many cars we have delivered to customers in a quarter.”

Keyword: Lucid Considering Price Increases Amid "Huge Inflationary Pressures"

CAR'S NEWS RELATED

The 2025 Lucid Gravity Is A 440-Mile, Seven-Seat Electric SUV 'Powerhouse'

The Lucid Gravity aims to redefine luxury electric SUVs. Can it move the needle for this EV startup?

View more: The 2025 Lucid Gravity Is A 440-Mile, Seven-Seat Electric SUV 'Powerhouse'

Possible Lucid Pickup Truck Seen In Clay Model Form

It could be a design study. It could be a future model. Either way, we sort of want one.

View more: Possible Lucid Pickup Truck Seen In Clay Model Form

Lucid Burned $433,000 For Every Car It Sold In Q3, Reports $2.17 Billion In Losses So Far This Year

Image: Lucid California-based automaker Lucid reported third quarter results on Tuesday, and the numbers aren’t great. The company announced that it built 1,550 Air sedans in Q3, and delivered 1,456 to customers. Each of those cars delivered accounted for $433,000 worth of red ink on the company’s balance sheets, ...

View more: Lucid Burned $433,000 For Every Car It Sold In Q3, Reports $2.17 Billion In Losses So Far This Year

A Lucid Air Can Now Directly Charge Other EVs

The Lucid Air's newest OTA update will let the electric sedan charge most other EVs just by connecting a new cable to its charge port.

View more: A Lucid Air Can Now Directly Charge Other EVs

Lucid Motors (LCID) introduces RangeXchange, offering vehicle-to-vehicle charging capabilities

Lucid Motors has introduced a new feature it calls “RangeXchange” which enables vehicle-to-vehicle (V2V) charging, meaning current and future Lucid owners can recharge other EVs using their battery’s stored energy… as long as you buy the adapter cable. It’s been a busy few months for Lucid Motors ($LCID) – ...

View more: Lucid Motors (LCID) introduces RangeXchange, offering vehicle-to-vehicle charging capabilities

Lucid Lost $430,000 For Every Car It Sold In Q3

The American luxury EV maker cut its production guidance for this year after a weak quarter.

View more: Lucid Lost $430,000 For Every Car It Sold In Q3

Lucid (LCID) cuts 2023 EV production target as operating losses widen in Q3

Lucid Motors (LCID) is cutting its 2023 production goal following widening losses in Q3. The EV maker is facing stiff competition in the premium electric vehicle market. Despite initial plans to build between 10,000 and 14,000 cars this year, Lucid is revising its plans as EV sales fail to ...

View more: Lucid (LCID) cuts 2023 EV production target as operating losses widen in Q3

Lucid cuts full-year production forecast

Companies Lucid Group Inc Nov 7 (Reuters) – Lucid Group (LCID.O) said on Tuesday it now expects to produce 8,000–8,500 vehicles this year from its earlier projection of more than 10,000 units. The company said it was cutting production forecast “to prudently align with deliveries”. Shares of the company ...

View more: Lucid cuts full-year production forecast

Lucid Confirms NACS Plug In 2025 As Future Of US High-Voltage Charging Seems Settled

Get A Closer Look At Some Of The Lucid Gravity SUV's Details

Lucid Motors joins the ‘in crowd,’ will adopt NACS and offer access to Tesla’s Supercharger network

Lucid cuts prices of electric sedans for limited time amid EV price wars

Lucid To Add Native Apple And Amazon Music Support In Its Cars

Lucid job post hints at addition of Apple and Amazon Music to its EVs, more media apps to follow?

The 1,234-HP Lucid Air Sapphire Almost Made Me Barf, It Ruled

Hyundai follows Lucid partnering with Saudi’s PIF to build a new manufacturing plant

Lucid Motors turns to a new demand lever: An owner referral program

We’ll Finally See The Lucid Gravity SUV In November

Lucid Air Deliveries Still Below 1,500 In Q3 2023

Lucid Air production plummeted in Q3

OTHER CAR NEWS

; Top List in the World https://www.pinterest.com/newstopcar/pins/
Top Best Sushi Restaurants in SeoulTop Best Caribbean HoneymoonsTop Most Beautiful Islands in PeruTop Best Outdoor Grill BrandsTop Best Global Seafood RestaurantsTop Foods to Boost Your Immune SystemTop Best Foods to Fight HemorrhoidsTop Foods That Pack More Potassium Than a BananaTop Best Healthy Foods to Gain Weight FastTop Best Cosmetic Brands in the U.STop Best Destinations for Food Lovers in EuropeTop Best Foods High in Vitamin ATop Best Foods to Lower Your Blood SugarTop Best Things to Do in LouisianaTop Best Cities to Visit in New YorkTop Best Makeup Addresses In PennsylvaniaTop Reasons to Visit NorwayTop Most Beautiful Islands In The WorldTop Best Law Universities in the WorldTop Richest Sportsmen In The WorldTop Biggest Aquariums In The WorldTop Best Peruvian Restaurants In MiamiTop Best Road Trips From MiamiTop Best Places to Visit in MarylandTop Best Places to Visit in North CarolinaTop Best Electric Cars For KidsTop Best Swedish Brands in The USTop Best Skincare Brands in AmericaTop Best American Lipstick BrandsTop Michelin-starred Restaurants in MiamiTop Best Secluded Getaways From MiamiTop Best Things To Do On A Rainy Day In MiamiTop Most Instagrammable Places In MiamiTop Interesting Facts about FlorenceTop Facts About The First Roman Emperor - AugustusTop Best Japanese FoodsTop Most Beautiful Historical Sites in IsraelTop Best Places To Visit In Holy SeeTop Best Hawaiian IslandsTop Reasons to Visit PortugalTop Best Hotels In L.A. With Free Wi-FiTop Best Scenic Drives in MiamiTop Best Vegan Restaurants in BerlinTop Most Interesting Attractions In WalesTop Health Benefits of a Vegan DietTop Best Thai Restaurant in Las VegasTop Most Beautiful Forests in SwitzerlandTop Best Global Universities in GermanyTop Most Beautiful Lakes in GuyanaTop Best Things To Do in IdahoTop Things to Know Before Traveling to North MacedoniaTop Best German Sunglasses BrandsTop Highest Mountains In FranceTop Biggest Hydroelectric Plants in AmericaTop Best Spa Hotels in NYCTop The World's Scariest BridgeTop Largest Hotels In AmericaTop Most Famous Festivals in JordanTop Best European Restaurants in MunichTop Best Japanese Hiking Boot BrandsTop Best Universities in PolandTop Best Tips for Surfing the Web Safely and AnonymouslyTop Most Valuable Football Clubs in EuropeTop Highest Mountains In ColombiaTop Real-Life Characters of Texas RisingTop Best Beaches in GuatelamaTop Things About DR Congo You Should KnowTop Best Korean Reality & Variety ShowsTop Best RockstarsTop Most Beautiful Waterfalls in GermanyTop Best Fountain Pen Ink BrandsTop Best European Restaurants in ChicagoTop Best Fighter Jets in the WorldTop Best Three-Wheel MotorcyclesTop Most Beautiful Lakes in ManitobaTop Best Dive Sites in VenezuelaTop Best Websites For Art StudentsTop Best Japanese Instant Noodle BrandsTop Best Comedy Manhwa (Webtoons)Top Best Japanese Sunglasses BrandsTop Most Expensive Air Jordan SneakersTop Health Benefits of CucumberTop Famous Universities in SwedenTop Most Popular Films Starring Jo Jung-sukTop Interesting Facts about CougarsTop Best Hospitals for Hip Replacement in the USATop Most Expensive DefendersTop Health Benefits of GooseberriesTop Health Benefits of ParsnipsTop Best Foods and Drinks in LondonTop Health Benefits of Rosehip TeaTop Best Air Fryers for Low-fat CookingTop Most Asked Teacher Interview Questions with AnswersTop Best Shopping Malls in ZurichTop The Most Beautiful Botanical Gardens In L.A.Top Best Mexican Restaurants in Miami for Carb-loading rightTop Best Energy Companies in GermanyTop Best Garage HeatersTop Largest Banks in IrelandTop Leading Provider - Audit and Assurance In The USTop Best Jewelry Brands in IndiaTop Prettiest Streets in the UKTop Best Lakes to Visit in TunisiaTop Highest Mountains in Israel