Price increase

[Eagle7]

We are viewing The Big Wait from the time-is-money perspective.
NA FE buyers surely were spared but new costs likely will hit the rest of us.
Wish this were tied to deposit date. It doesn't seem right that the 2021 Emira price announcement may not apply to 2021 depositors who didn't make the 700 unit NA allocation threshold. We had a purchase price in mind when we opened our wallets back then.
There was a reward for Early Adopters. How about a similar deal for Long-time Waiters?
Customer Loyalty credit against future purchase? That would pay off the long-stated 'worth the wait' claim.

Well we really don't have a clear guidance as to how the price guarantee is going to be applied. Was it just for actual orders, which doesn't make a lot of sense, since nobody was able to place an actual order when all the FE's were being spoken for? Or is it only going to be for those who were finally able to convert their deposits into hard orders? OR... was Matt referring to everyone who had placed a deposit before he made that video? There were a lot of deposits (which are still deposits) for the i4 FE before he made that video, and to my knowledge (unless I'm mistaken), nobody has been able to convert their deposit into a hard order for an i4 FE yet because Lotus isn't accepting orders for it yet.

Lotus is going to have to decide how they want to handle this issue of deposits versus orders, due to their own scheduling of all of that, and the delays that were no fault of their depositors. In my view, everyone who placed a deposit before Matt published that video, should be given the opportunity to convert that into an order at the price that was advertised when they made their deposit, if they choose to. If they choose not to, then I don't see Lotus being obligated to hold the first announced pricing for them if they decide to deposit or order later.

 

[GAVLA]

Well we really don't have a clear guidance as to how the price guarantee is going to be applied. Was it just for actual orders, which doesn't make a lot of sense, since nobody was able to place an actual order when all the FE's were being spoken for? Or is it only going to be for those who were finally able to convert their deposits into hard orders? OR... was Matt referring to everyone who had placed a deposit before he made that video? There were a lot of deposits (which are still deposits) for the i4 FE before he made that video, and to my knowledge (unless I'm mistaken), nobody has been able to convert their deposit into a hard order for an i4 FE yet because Lotus isn't accepting orders for it yet.

Lotus is going to have to decide how they want to handle this issue of deposits versus orders, due to their own scheduling of all of that, and the delays that were no fault of their depositors. In my view, everyone who placed a deposit before Matt published that video, should be given the opportunity to convert that into an order at the price that was advertised when they made their deposit, if they choose to. If they choose not to, then I don't see Lotus being obligated to hold the first announced pricing for them if they decide to deposit or order later.

Matt Windle's video message was emailed to UK customers on 16-Jun-22 so if you put down a deposit before that date [as I did on 11-Jul-21] then we can expect the FE base price to remain unchanged

 

[Lotustoronto]

Well we really don't have a clear guidance as to how the price guarantee is going to be applied. Was it just for actual orders, which doesn't make a lot of sense, since nobody was able to place an actual order when all the FE's were being spoken for? Or is it only going to be for those who were finally able to convert their deposits into hard orders? OR... was Matt referring to everyone who had placed a deposit before he made that video? There were a lot of deposits (which are still deposits) for the i4 FE before he made that video, and to my knowledge (unless I'm mistaken), nobody has been able to convert their deposit into a hard order for an i4 FE yet because Lotus isn't accepting orders for it yet.

Lotus is going to have to decide how they want to handle this issue of deposits versus orders, due to their own scheduling of all of that, and the delays that were no fault of their depositors. In my view, everyone who placed a deposit before Matt published that video, should be given the opportunity to convert that into an order at the price that was advertised when they made their deposit, if they choose to. If they choose not to, then I don't see Lotus being obligated to hold the first announced pricing for them if they decide to deposit or order later.

I don't know if they will be able to honour ALL deposits. It would be impossible. However, they should honour the first year V6 base/i4 FE, however many they allocate for the first model year run. It would not be possible to honour all depositors, but not delivering ANY vehicle based on an advertised price is where I think they may run into legal issues. Not 100% sure tho.

 

[idleuser]

Lotus is going to have an issue on their hands if they raise their prices on long time deposit holder from 2021. It's really not the customers fault that they failed to delivered the product and now they're raising prices for early deposit holders. Keep in mind these aren't tiny deposit that Tesla and Rivian took, we're talking about $2500-$5000 of interest free loan that we're putting down as deposits.

Rivian rolls back big price increases on preorders after customer backlash

An outcry from customers led Rivian's CEO to backtrack on a hefty price increase that would have affected vehicles already ordered.

www.cnbc.com

 

[kitkat]

Lotus is going to have an issue on their hands if they raise their prices on long time deposit holder from 2021. It's really not the customers fault that they failed to delivered the product and now they're raising prices for early deposit holders. Keep in mind these aren't tiny deposit that Tesla and Rivian took, we're talking about $2500-$5000 of interest free loan that we're putting down as deposits.

Rivian rolls back big price increases on preorders after customer backlash

An outcry from customers led Rivian's CEO to backtrack on a hefty price increase that would have affected vehicles already ordered.

www.cnbc.com

I already think the Emira is a little overpriced in the US, a price increase doesn't sound like a good idea -- just my opinion.

 

[Nova]

I already think the Emira is a little overpriced in the US, a price increase doesn't sound like a good idea -- just my opinion.

Yea, I hope not. The USD has weakened a bit against GBP but it's still quite far from what it was in 2021. It provides at least a 10-15% cushion against any cost/profit calculations Lotus was doing back then.

 

[Weyland]

I cancelled my order last week due to ever changing delivery dates. When having an open frank conversation with them after cancellation, I was informed that a price increase is coming and that they are expecting further cancellations. When I referenced the video, they said they reserve the right to change the price, and eluded to most undelivered cars after a certain date would be subject to an increase.

I'm glad I'm out.

 

[MPD]

Lotus is going to have an issue on their hands if they raise their prices on long time deposit holder from 2021. It's really not the customers fault that they failed to delivered the product and now they're raising prices for early deposit holders. Keep in mind these aren't tiny deposit that Tesla and Rivian took, we're talking about $2500-$5000 of interest free loan that we're putting down as deposits.

Rivian rolls back big price increases on preorders after customer backlash

An outcry from customers led Rivian's CEO to backtrack on a hefty price increase that would have affected vehicles already ordered.

www.cnbc.com

It's going to be interesting to see how they manage it. Looking at how they've managed just the simple comms thus far doesn't give me confidence. While I'm not defending Lotus, the increases (some) are also not their fault as price of materials/shipping/etc have gone up significantly. Evidently Rivian has the deep pockets to absorb and maybe Geely will do the same.

My opinion is that the manufacturer should honor price for orders actually placed but if just a deposit on a future allocation, then not obligated. I will likely miss the cut for '23 Z06 and if the price increases for '24 then I will have to pay. Sucks but I should have got in line 3 years early instead of 2. I would love it if anyone who has deposit is still protected but I think that is an unrealistic expectation in current economy.

 

[First Lotus]

I cancelled my order last week due to ever changing delivery dates. When having an open frank conversation with them after cancellation, I was informed that a price increase is coming and that they are expecting further cancellations. When I referenced the video, they said they reserve the right to change the price, and eluded to most undelivered cars after a certain date would be subject to an increase.

I'm glad I'm out.

I placed my order in 2021. They have delayed the delivery 3/4 times. The latest email sent January I think, scheduled Q1 24. So I have used that allocated cash elsewhere for the time being. If they punish me because of their delays, I will give very serious consideration to bailing. And I have been patiently accepting these delays without (too much) grumpiness in the hope that it enables them to turn out reliable vehicles.

 

[Lotustoronto]

It's going to be interesting to see how they manage it. Looking at how they've managed just the simple comms thus far doesn't give me confidence. While I'm not defending Lotus, the increases (some) are also not their fault as price of materials/shipping/etc have gone up significantly. Evidently Rivian has the deep pockets to absorb and maybe Geely will do the same.

My opinion is that the manufacturer should honor price for orders actually placed but if just a deposit on a future allocation, then not obligated. I will likely miss the cut for '23 Z06 and if the price increases for '24 then I will have to pay. Sucks but I should have got in line 3 years early instead of 2. I would love it if anyone who has deposit is still protected but I think that is an unrealistic expectation in current economy.

I agree, but the point here is that some customers that got a '23 allocation got the 2023 advertised price. I think everyone's point and to Rivian's issue was that no-one would have received a car at the advertised price.

Bait and Switch definition: the action (generally illegal) of advertising goods which are an apparent bargain, with the intention of substituting inferior or more expensive goods.

I have no issue if they can't honour all depositors, as you said it's not possible to satisfy all of it in 1 year. However, the fact that not one deposited customer received a car for the advertised Base V6 price or i4 F/E price - well that would be a bait and switch IMO. The advertised V6/i4 Base price was all over the place and talked about in every article and online on their website. Any lawyers on the forum want thrown in if this is in fact illegal in any way?

Does anyone have another example of a car in recent times that had an advertised price online/on the manufacturers website and able to make a deposit on and then have it change in price to where not one deposited received it's original advertised price? Besides the Rivian debacle that they quickly backtracked on.

 

[lion shf]

I already think the Emira is a little overpriced in the US, a price increase doesn't sound like a good idea -- just my opinion.

Agree

 

[MPD]

I agree, but the point here is that some customers that got a '23 allocation got the 2023 advertised price. I think everyone's point and to Rivian's issue was that no-one would have received a car at the advertised price.

Bait and Switch definition: the action (generally illegal) of advertising goods which are an apparent bargain, with the intention of substituting inferior or more expensive goods.

I have no issue if they can't honour all depositors, as you said it's not possible to satisfy all of it in 1 year. However, the fact that not one deposited customer received a car for the advertised Base V6 price or i4 F/E price - well that would be a bait and switch IMO. The advertised V6/i4 Base price was all over the place and talked about in every article and online on their website. Any lawyers on the forum want thrown in if this is in fact illegal in any way?

Does anyone have another example of a car in recent times that had an advertised price online/on the manufacturers website and able to make a deposit on and then have it change in price to where not one deposited received it's original advertised price? Besides the Rivian debacle that they quickly backtracked on.

agree that they shouldn't have an advertised actual base price and then not deliver any at that price. While they most likely (benefit of the doubt) never thought they would be this far behind, I can see where that could look like a B&S. They have said something like starting around ...

Time will tell and hopefully they make an effort to do the right thing.

 

[GAVLA]

Lotus Emira update for the UK just in, and it's official, as a result of significantly increasing costs, the Emira will later this year be subject to new pricing. The RRP will increase to GBP 81,995 incl VAT for the Emira V6 FE, and GBP 77,795 incl VAT for the Emira I4 FE.

Moderator: Official price increase announcement is being covered in the new thread here.

Prices increase update from Lotus - and stopping of reservations for V6 FE

Please be advised that, as a result of significantly increasing costs, the Lotus Emira will later this year be subject to new pricing. Whilst a significant level of cost increase has been absorbed, with effect from 1 June 2023, the retail price will increase to £81,995 (incl VAT) for the Emira...

www.emiraforum.com