Lucid Presents New Air Luxury Sedan, Citi Weighs In

Lucid Presents New Air Luxury Sedan, Citi Weighs In © Reuters. Lucid (LCID) Presents New Air Luxury Sedan, Citi Weighs In

Yesterday, Lucid Group, Inc. (NASDAQ:LCID) announced the launching of a new, faster Air luxury sedan with 1,050 horsepower and a 446-mile range.

The brand new Lucid Air Grand Touring Performance will be priced at $179,000 and will hit the markets in June. Lucid’s previous Air sedan has impressed drivers and critics around the world, partly thanks to the remarkable performance of the 1,111 horsepower Dream Edition.

However, Lucid capped production of that model to just 520 vehicles, while the new Grand Air Touring Performance, even though will cost $10,000 more than the Dream Edition, will not be as limited in production.

The new Air sedan is still in the early phases of production, said Lucid. The electric vehicle (EV) maker produced roughly 400 vehicles since its production began in September, adding it had around 25,000 reservations for the Air.

The carmaker expects to ship between 12,000 and 14,000 cars in 2022, down from its original outlook of 20,000 as global supply chain challenges have weighed on the Air production.

The company decided to build the new version of Air after seeing increasing demand for the powerful luxury sedan, said Lucid’s CEO Peter Rawlinson. The carmaker was able to develop the new, even faster model; thanks to its “vertical integration,” Rawlinson added.

Following the announcement, Citi analyst Itay Michaeli commented:

“The introduction of new trims is fairly common and so we don’t view this as major news. However, if Lucid does see healthy demand for this new Performance trim, it could benefit ASPs/mix later this year,” the analyst said in a client note.