Electric car maker Lucid Motors is raising the price of most of its models from June due to rising raw materials costs and global supply chain problems.
The company, backed by Saudi Arabia's Public Investment Fund, will honour existing reservations and hold prices at current levels for any new bookings made by May 31, 2022.
Lucid's chief executive and chief technology officer Peter Rawlinson said the world had “changed dramatically from the time we first announced Lucid Air pricing in September 2020”.
An Air Grand Touring base model will cost $154,000 in the US, up from $139,000, while the price of an Air Touring model has gone up to $107,400, from $95,000. The company's Air Pure model will cost $87,400, up from $77,400.
The new prices reflect an increase of up to 13 per cent.
The price of a new Air Grand Touring Performance model, which was announced two weeks ago, will remain at $179,000 in the US.
Rival electric car maker Tesla raised the prices of its vehicles in March, with chief executive Elon Musk saying on Twitter that the company, along with SpaceX, was struggling with “significant recent inflation pressure in raw materials and logistics”.
Inflation in the US reached 8.5 per cent in March, the highest level since 1981, while the Russia-Ukraine conflict is driving up the prices of metals.
Earlier this year, Amazon-backed Rivian Automotive had to roll back price increases of up to 20 per cent on electric vehicles booked before March 1 after facing backlash from customers, according to a Bloomberg report.
“Looking forward, we remain intently focused on ramping production and are excited about our product road map in 2022 and beyond, with Air Grand Touring Performance deliveries expected in June, Air Touring and Air Pure later this year, and our Project Gravity SUV remaining on target to begin production in the first half of 2024,” Mr Rawlinson said.
The company repeated its annual production forecast of 12,000 to 14,000 vehicles in a statement accompanying its first-quarter financial results.
It reported revenue of $57.7 million on deliveries of 360 vehicles to customers in the first quarter, and ended the reporting period with about $5.4 billion cash in hand, “which is expected to fund the company well into 2023".
Chief financial officer Sherry House said Lucid continues to face global supply chain and logistics challenges, including coronavirus-related factory shutdowns in China, as is the case with many companies in the industry.
“We are working closely with our suppliers to mitigate the impact of disruptions,” she said.
Last month, Lucid signed an agreement to supply Saudi Arabia's government with up to 100,000 cars, a development that is expected to support Riyadh's sustainability drive.
The deal, which includes the flagship Lucid Air and other future models, covers a 10-year period and includes an initial commitment to purchase 50,000 vehicles, plus an option for up to 50,000 additional cars over the same period.
Under the agreement, Lucid will deliver vehicles built and assembled at its Arizona factory and a new manufacturing centre, set to be built in Saudi Arabia, to meet growing demand for electric vehicles globally.
The car maker is backed by the kingdom's Public Investment Fund.
Global electric vehicle sales more than doubled to 6.6 million in 2021, figures compiled by the International Energy Agency show.
The worldwide EV market currently accounts for 9 per cent of the overall market share of the car industry, more than double the 4.1 per cent share in 2020, when three million units were sold, and more than triple 2019's 2.5 per cent share.
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
RESULT
Norway 1 Spain 1
Norway: King (90 4')
Spain: Niguez (47')
'Brazen'
Director: Monika Mitchell
Starring: Alyssa Milano, Sam Page, Colleen Wheeler
Rating: 3/5
UAE SQUAD
Khalid Essa, Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Bandar Al Ahbabi, Mohammad Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoon Al Zaabi, Ali Saleh, Caio Canedo, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
Read more from Kareem Shaheen
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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THE DETAILS
Deadpool 2
Dir: David Leitch
Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz
Four stars
Checks continue
A High Court judge issued an interim order on Friday suspending a decision by Agriculture Minister Edwin Poots to direct a stop to Brexit agri-food checks at Northern Ireland ports.
Mr Justice Colton said he was making the temporary direction until a judicial review of the minister's unilateral action this week to order a halt to port checks that are required under the Northern Ireland Protocol.
Civil servants have yet to implement the instruction, pending legal clarity on their obligations, and checks are continuing.
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
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Engine: 5.6-litre V8
Transmission: seven-speed automatic
Power: 400hp
Torque: 560Nm
Price: Dh234,000 - Dh329,000
On sale: now
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
THE SPECS
Engine: 4.4-litre V8
Transmission: Automatic
Power: 530bhp
Torque: 750Nm
Price: Dh535,000
On sale: Now
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
More from Neighbourhood Watch:
Rocketman
Director: Dexter Fletcher
Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
The specs: 2019 Aston Martin DBS Superleggera
Price, base: Dh1.2 million
Engine: 5.2-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 725hp @ 6,500pm
Torque: 900Nm @ 1,800rpm
Fuel economy, combined: 12.3L / 100km (estimate)
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
