Lucid to Launch Luxury Sedans in Europe Later in the Year

California based manufacturer of electric vehicle Lucid Group Inc. (LCID) is planning to launch luxury sedans in Europe later this year following an increasing demand of electric vehicle across the world. Similarly, its U.S rival Tesla Inc. (TSLA) has also been expanding its presence especially in Asia and Europe.

Lucid says it will be launching its Lucid Air Dream Edition P and R sedans in limited numbers for customers across Norway, Switzerland, Netherlands and Germany later in the year. The company made the announcement on May 10.

According to the announcement, the company will price its Air Dream Edition P/R at about 218,000 euros ($230,208.00) in Germany. In addition, Lucid said that it plans to open its first European retail location in Munich on May 13 and thereafter open additional studio and service center locations in Europe before the year wraps up.

Less than a week ago, Lucid announced a price raise for most of its models starting from June attributing this increase to the rising cost of raw materials it however said that it will honor current reservations at the reserved prices to avoid a backlash from its customers.

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