During the South by Southwest music, technology, and film festival (SXSW), Lucid’s CEO Peter Rawlinson admitted to increasing prices for the new reservations. The price change is seen as natural by Rawlinson due to one of the highest inflation numbers in the U.S. plus the escalation of Nickel’s price. Nickel is a critical material in the lithium-ion batteries used in most electric vehicles.
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”
CEO Peter Rawlinson said in an interview with Reuters
Rawlinson added that he is not concerned the reactions after the company announced production cut from 20,000 units to 12,000 — 14,000: “Customer satisfaction and recognition of the quality trumps short-term myopic attention to how many cars we have delivered to customers in a quarter”.
On March 10th, Lucid Motors has requested a permit to open a studio in The Netherlands, the first one in Europe. The studio will be located in Hilversum, which is 30km from the capital Amsterdam, and will be on the same building previously used by a BMW dealership. Lucid has currently 24 Studios in the United States and one in Vancouver (Canada) expecting to open another 19 during this year. You can check every location and the upcoming Lucid Studios here.
Recently,the company inaugurated its newest Studio location at The Mall at Short Hills in Short Hills, New Jersey. This location serves as the 22nd in the company’s growing North American retail network. Lucid has 5 new studios planned to launch during the next months. New Jersey has long sought to encourage new business growth as part of its electrification goals. Lucid looks forward to making further investments and hiring in the State as the legislature considers equitable treatment for consumers and electric vehicle manufacturers in alignment with those efforts — the company said.
Recently the company announced the signing of agreements with the Ministry of Investment of Saudi Arabia (“MISA”), the Saudi Industrial Development Fund (“SIDF”), and the Economic City at King Abdullah Economic City (“KAEC”), as it lays the groundwork for a full production factory in Saudi Arabia. The agreements are expected to accelerate Saudi Arabia’s strategic goal to transform and diversify its economy through the development of sustainable energy and transportation. Lucid estimates that the location of Lucid’s first international manufacturing plant in the Kingdom of Saudi Arabia may result in up to $3.4 billion of value to Lucid over 15 years, and the facility will enable Lucid to address growing demand for Lucid’s products.