Lucid Air EV to Raise its Prices Again by 13 Percent, Bringing the New Prices by June 1 in Canada

Isaiah Richard, Tech Times 05 May 2022, 08:05 pm

Lucid Air EV is seeing another price increase for the famous luxury electric vehicle from the company, and it is coming by the start of June for all subscribers. Buyers would also see the price hike in the Canada region, but it is likely to apply its new prices to the United States and other areas it made itself available.

The luxury EV brand and its lineup will have an increase that comes after a previous announcement that changed its prices.

Lucid Air EV: New Price Increase for June 1 in Canada

Lucid Motors Air Dream Edition Beats Tesla Model S Plaid in Range After Reaching 520 Miles | Affordable Versions To Arrive

(Photo : PATRICK T. FALLON/AFP via Getty Images)

Lucid released its Q1 2022 investor earnings report for the company, and it brings good news to its stakeholders that the company drove up a massive revenue at the start of the year. However, this good performance by the company is not all good news for all, as Lucid announced that it is bringing a price increase for its electric cars.

Lucid said new reservations would be priced in the U.S. with new markups for the EVs.

Its Air Pure.3 sees $87,400 for the base model, $107,400 for Air Touring, and $154,000 for Air Grand Touring. Lucid's new Air Grand Touring Performance model, announced just two weeks ago, is not affected by this and will stay at $179,000.

The new prices would reflect by June 1, and it would also be the same prices in Canada come to the same date.

The company said it is still eligible for as much as $7,500 federal tax credit for EVs.

Lucid's Lineup to Reach 13 Percent Difference

The EV lineup will see a significant price increase on the electric vehicles that are yet to deliver to the public, and it will change many things for Lucid come this time. There would be a 13 percent difference for the electric vehicle, and it is a massive increase for the company, bringing a change that would be a reason to reconsider buying the luxury EV.

Lucid Air EVs Dream Edition Set to Roll Out to Customers in Late October from AMP-1 Assembly Line

(Photo : Lucid Motors)

Lucid and EVs Price Increase

Lucid is not the only one that jacks up its prices and brings an electric vehicle to a slightly more costly markup than it previously got, as there are hardships in sourcing EV parts and battery cells. There was once a prediction that Lucid might also join manufacturers for jacking up the EV prices in their lineup, and it finally came through for the company.

Other notable companies for this include the rivals in the industry, Tesla and Rivian, which have had multiple chances to their prices in the past months.

Rivian initially faced many disputes and criticisms from the public and its shareholders for increasing its prices among its buyers and those with stakes in the vehicle. It went to a point where CEO RJ Scaringe apologized to an investor regarding this matter, especially as it did not meet its initial promised prices.

Lucid joins the club with electric vehicles that initially promised prices but is now at a point where it also needs to increase its fees by a certain percentage to meet its needs and earn from its sale. For now, Lucid's only electric vehicle lineup, the Lucid Air, is seeing this price increase, and there is no saying if this is the last of the hikes to happen.

This article is owned by Tech Times

Written by Isaiah Richard