Lucid Motors (NASDAQ:LCID) stock is getting a boost on Monday, creating new conversation around the CEO’s comments on price increase plans.
Some investors in LCID have been wondering if the electric vehicle (EV) company intends to raise prices this year. The short answer to that is no. CEO Peter Rawlinson said as much during an interview with Reuters last week.
However, that doesn’t mean there won’t come a time when the EV maker has to increase the price of its products. Rawlinson said this is something the company will have to consider in the future but that it won’t raise prices on customers currently holding reservations for its EVs.
The CEO points to the controversy surrounding Rivian (NASDAQ:RIVN) last month when it announced a price increase. The company later walked back that plan after customers complained that preorder prices were rising.
Fisker (NYSE:FSR) also learned a lesson from Rivian’s mistake last month. During a recent update detailing its reservations for the Ocean electric SUV, the company revealed it doesn’t plan to increase prices through 2023. That’s somewhat surprising as inflation weighs on consumers’ minds, but FSR says its “asset-light business model,” allows it to circumvent these concerns.
LCID stock is up 2.9% as of Monday afternoon.
There’s loads of other EV news that investors will want to keep an eye on today!
Luckily for them, we’ve got all of the latest EV news that traders need to know about for Monday! A few examples include a new analyst rating sending shares of Nio (NYSE:NIO) stock higher today, Polestar signing an EV deal with car rental company Hertz (NASDAQ:HTZ), as well as Mullen Automotive (NASDAQ:MULN) stock gaining on talk of new talent joining the company. You can find out all about these matters by checking out the links below!
More EV News for Monday
- NIO Stock Alert: Why One Analyst Thinks the EV Maker Is a Buy Now
- Why Is Polestar (GGPI) Stock Up Today?
- Why Is Mullen Automotive (MULN) Stock Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.