EV maker Lucid to raise prices for most models from June

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

May 5 (Reuters) - Electric carmaker Lucid Group Inc (LCID.O) 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 (RIVN.O) 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. read more

Reporting by Tiyashi Datta in Bengaluru; Editing by Aditya Soni

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