EV maker Lucid to raise prices for most models from June

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May 5, 2022 4:21 PM EDT

FILE PHOTO: People test drive Dream Edition P and Dream Edition R electric vehicles at the Lucid Motors plant in Casa Grande, Arizona, U.S. September 28, 2021. REUTERS/Caitlin O'Hara

(Reuters) -Electric carmaker Lucid Group Inc on Thursday raised prices for most models from June as it deals with rising raw materials costs, but said it would honor current reservations in a move to avoid the blowback a rival faced.

From June 1, new reservations in the United States will be priced at $154,000 for Air Grand Touring, $107,400 for Air Touring and $87,400 for Air Pure models, the company said.

"Similar to many companies in our industry, we continue to face global supply chain and logistics challenges, including Covid-related factory shutdowns in China," Chief Financial Officer Sherry House said.

Despite the challenges, the company reiterated its annual production forecast of 12,000 to 14,000 vehicles.

Amazon-backed Rivian Automotive Inc had to earlier this year roll back price hikes on electric vehicles booked before March 1 after facing backlash from customers following a 20% increase in prices.

(Reporting by Tiyashi Datta in Bengaluru; Editing by Aditya Soni)


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