Lucid Motors Might Hike EV Prices Following Tesla, Rivian Price Increases

Lucid Motors is looking into increasing the prices of its electric vehicles or EV following the move of other EV makers like Tesla and Rivian.

It comes as the electric automakers have been forced to jack up their EV prices as the cost of raw materials for manufacturing these vehicles has also significantly skyrocketed.

Lucid Motors Might Hike EV Prices

As per a news story by InsideEVs, the CEO of Lucid Motors, Peter Rawlinson, himself admitted that his company is also currently considering increasing the prices of its vehicles.

The Lucid Motors CEO said during an interview during the South by Southwest music, technology, and film festival of the SXSW that the price hikes for their EVs are inevitable.

The automaker exec further cited the consideration to increase prices of future Lucid EVs to the "huge inflationary pressures."

Rawlinson said during the interview that "there's an inevitability that we will have to look at the price points of models that are coming in the future."

The Lucid Motors boss went on to add that it would be "foolish" of him to say otherwise.

The CEO also specifically cited the astronomical price of nickel, which is an essential component for the batteries of EVs.

However, it is worth noting that the Lucid Motors exec has yet to announce how much the upcoming price increase would be, as well as the date of its implementation, according to a recent report by Protocol.

Lucid Pre-Order Reservation Price

Despite that, the EV maker assured its customers that the prices of its vehicles for those who have already placed their reservations will not be affected by any upcoming price increase.

Thus, Lucid vows to honor the prices of its vehicles when its customers have pre-ordered them.

Rivian Price Increase

The assurance that Lucid Motors gave its customers follows the previous backlash that another EV maker, Rivian, has faced.

Rivian previously announced that it would be increasing the prices of the vehicles of its existing customers who have pre-orders their EVs. The price hike was about 20 percent of its previous cost, which skyrocketed to a hefty additional $20,000.

However, reservation holders of Rivian did not take the announcement lightly, thus its CEO, RJ Scaringe, decided to reverse his previous decision.

Tesla Price Increase

Elsewhere, the biggest EV maker, Tesla, has already implemented a massive price increase shortly after the cost of nickel has significantly skyrocketed, along with other raw materials.

To be precise, the EV tech firm of Elon Musk has also imposed a price hike of up to 10% for its current lineup of vehicles.

This article is owned by Tech Times

Written by Teejay Boris