Lucid

Today Lucid Motors announced a new digital financing platform called Lucid Financial Services to provide lease and loan purchase options to Air EV customers in the United States. The financing options are provided through a strategic relationship between Lucid Group and Bank of America. Lucid Motors ($LCID) is currently delivering the second of four available trim levels of its flagship Air EV sedan. While it has already struggled to meet initial production targets for 2022 due to supply chain constraints, Lucid…

Lucid Motors issued a recall notice for some of its luxury electric sedans for a faulty wiring harness connected to the instrument panel. The recall covers 1,117 model year 2022 Lucid Air sedans of all trim levels. The recall was first reported by Lucid Insider, a blog that covers the EV company. The recall addresses the possibility that the “wired data connection to the instrument panel may not have been secured properly during assembly,” a spokesperson said in an email. “Lucid is not aware of any instances when…

News emerged today that Lucid Motors has issued its second recall on its flagship Air sedan. According to the American EV automaker, the issue concerns a wired data connection to the instrument panel that may not have been secured properly during a given vehicle’s assembly. News of a second recall comes at an inopportune time for Lucid Motors (though is there ever a good time for a recall?). Lucid had found early success in the Dream Edition trim of its Air sedan, which began deliveries last fall. It has since…

U.S. electric vehicle maker Lucid Group will set up its first overseas factory in Saudi Arabia, the company announced.Javier Blas | Bloomberg | Getty ImagesU.S. electric vehicle maker Lucid Group will set up its first overseas factory in Saudi Arabia, the company has announced.The manufacturing facility will be able to produce 155,000 vehicles a year, and will initially serve the local market, the luxury car maker said in a press release Wednesday. The vehicles will later be exported to global markets.Lucid's factory in…

Electric car maker Lucid LCID -3.71% Group Inc. reported narrower losses in the first quarter of 2022, and said it would increase vehicle prices starting in June, citing a changing environment from when it first set pricing in September 2020. Lucid said Thursday that it recorded a net loss of $81.3 million in the January-to-March period, compared with a $2.9 billion loss in the same year-ago period. The company stuck with its production…

Lucid Motors is raising the prices of its luxury electric vehicles, as the company continues to struggle with production. The company reported delivering only 360 vehicles to customers in the first quarter of 2022. As of June 1st, Lucid’s newly increased prices will be $154,000 for the Air Grand Touring (previously $139,000), $107,400 for Air Touring (up from $95,000), and $87,400 for Air Pure (up from $80,000). That represents an average increase of around 11 percent. The new Lucid Air Grand Touring Performance model,…

With 1,050 horsepower, the new Grand Touring Performance edition becomes the most powerful version of Lucid's electric Air sedan.Lucid MotorsLucid Group said that the government of Saudi Arabia has agreed to buy up to 100,000 of its electric vehicles over the next ten years.Saudi Arabia's public wealth fund holds an approximately 62% stake in the U.S.-based automaker, which began production of its Air luxury sedan last September.Lucid's shares were up more than 5% in after-hours trading following the news.Saudi Arabia's…

American EV automaker Lucid Motors shared its Q1 numbers for 2022, today reporting nearly $58 million in revenue despite a slow uptick of deliveries. Additionally, Lucid announced substantial price increases to multiple trims of its Air sedan for any new reservations beginning June 1. While Lucid Motors has been working for over 15 years to bring luxury performance EVs to the masses, it truly stepped out into the spotlight last fall when the first deliveries of its Dream Edition Air sedan began. The company has…

CEO Peter Rawlinson poses at the Lucid Motors plant in Casa Grande, Arizona, U.S. September 28, 2021.Caitlin O'Hara | ReutersElectric luxury 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 prices.Lucid said that it will honor its current pricing for any customer with an existing reservation, as well as any new customers who make reservations before the end of May. After that, pricing on the…

Lucid Motors CEO Peter Rawlinson poses at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New York City, New York, July 26, 2021.Andrew Kelly | ReutersInvestors holding beaten-up electric vehicle stocks are bracing for a slate of first-quarter earnings reports, which roll out over the next few days.The asset group has had a rough ride, with the S&P Kensho Electric Vehicles Index off 25% since…