Following In Tesla's Footsteps, This EV Maker Increases Car Prices In Canada

Tesla TSLA raised prices of its Model Y SUV models in Canada last week, and luxury electric vehicle manufacturer Lucid Group, Inc. LCID has followed in its footsteps.

What Happened: Lucid has increased the prices of all trims of its Air Sedan models in Canada, except the recently launched Air Grand Touring Performance variant, Drive Tesla Canada reported, citing emails sent by the company to reservation holders.

The base trim – Air Pure – is now priced CD$119,000, up 13.3% from the previous CD$105,000. The price of Air Touring was hiked by CD$17,000 to CD$146,000, a 13.2% increase. The Air Grand Touring's price was revised up by CD$21,000 or 11.1% to CD$189,000.

The price of the Air Grand Touring Performance variant was left unchanged at CD$242,000.

Lucid has yet to deliver any vehicles to customers in Canada.

Related Link: Tesla Battery Supplier CATL Said To Actively Explore Sites For US Manufacturing Plants

Why It Matters: Lucid announced on Thursday in its earnings report, price hikes, averaging 11%, for the three models in the U.S. The company, however, said updated pricing for Canada will be available on its Canadian website on June 1.

Component shortages and input cost inflation have forced industry players to announce price increases for their vehicles. Market leader Tesla has announced multiple hikes across its models, globally, since last year.

Lucid closed Friday's session 3.71% lower at $18.15, according to Benzinga Pro.