Monday, July 22, 2024

Lucid considering price increases after significant inflation pressure

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Lucid is considering increasing the price of his product for future orders. Heavy inflationary pressures have forced Lucid executives to make those price changes, Thursday, March 17.

However, Lucid remains committed to respecting the orderers who have entered and providing the same price to them, without any increase or additional price.

“There is an inevitability that we will have to look at the price point of the models that will come out in the future,” CEO Peter Rawlinson told Reuters. This was forced to do because of the soaring price of nickel after Russia invaded Ukraine.

See also: Lucid plan to expand to Europe countries this year

“I think it would be foolish of me to say that we would never raise our prices,” Rawlinson said in an interview on the sidelines of the Southwest (SXSW) music, technology and film festival.

“What we want to do is to honor and keep our commitment to our existing orderers. I think that’s what was poorly received in the market with Rivian,” said Rawlinson.

He was referring to a decision this month by electric truck maker Rivian to raise prices on existing orders and then the decision to reverse course after consumers protested against it.

Tesla Inc recently also raised the prices for all the models it issued. It comes after CEO Elon Musk said the Tesla maker was facing significant inflationary pressures.

The current increase in the price of raw materials and logistics is inevitable, especially due to the wars between Ukraine and Russia.

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