The Lucid electric vehicle startup on September 28, 2021 said production of its first cars for customers had started at its plant in Casa Grande, Arizona.
Electric vehicle start-up Lucid said on Tuesday production of its first cars for customers was underway, with deliveries scheduled to begin at the end of next month.
Lucid is the first electric vehicle startup to go public through a PSPC deal to produce a salable vehicle for consumers. The step is crucial for Lucid, who made his Nasdaq debut in July and is considered a favorite to compete with electric vehicle leader Tesla.
“I am delighted that production cars with this level of efficiency are currently coming off our production line,” said Lucid CEO Peter Rawlinson, former chief engineer and vice president of engineering at Tesla. , in a press release.
Lucid’s first car is a $ 169,000 special edition of its flagship sedan called the Air Dream Edition, with a top range of up to 520 miles, according to the EPA. The company plans to produce just 520 Dream Edition models, a nod to the car’s EPA lineup.
The price of an entry-level version of the car, the Lucid Air sedan, starts at $ 77,400 before a federal tax credit of up to $ 7,500 for plug-in vehicles.
Lucid said it has received more than 13,000 bookings in total so far.
The first vehicles in production, including the Lucid Air Grand Touring models, are intended for Lucid studios, sales teams and customer trials, according to a company spokesperson.
Lucid told investors in July that he plans to produce 20,000 Lucid Air sedans in 2022, generating more than $ 2.2 billion in revenue, according to an investor presentation. It’s a slower ramp-up than other electric vehicle start-ups.
“Our focus is on quality, delivering a great car, a car our customers will truly love, and delivering a luxury customer experience,” Rawlinson said on CNBC’s “Closing Bell” Tuesday. “This takes precedence over accelerating the ramp-up of production in the immediate future, but it is clear that next year we are going to speed things up on an S production curve.”
Lucid manufactures the Air at a new plant in Casa Grande, Arizona. He’s building what is expected to be a multibillion-dollar facility, which is the first all-new electric vehicle plant in the United States, in phases on a 590-acre site. The facility is expected to produce an SUV called Gravity in 2023.
Lucid was founded in 2007 as Atieva, a name it now uses for its engineering and technology branch that supplies batteries to the Formula E electric racing circuit. focused on electric battery technology before changing its name and becoming an electric vehicle manufacturer in 2016, three years after Rawlinson joined the company to lead its technology development before becoming CEO.
Lucid had some difficulty raising capital to fund his plans until September 2018, when he received $ 1 billion from Saudi Arabia’s sovereign wealth fund. He remains the largest shareholder in the company with about 62% of the shares outstanding, according to FactSet.
The automaker is one of a group of electric vehicle start-ups that have gone public in the past year. Others have included Faraday Future, Canoo, Fisker, and Lordstown Motors. None have produced a salable vehicle for consumers.
Lucid’s production start comes two weeks after Rivian, the Amazon-backed electric vehicle start-up, began production of its first vehicle, a pickup called the R1T, at a factory in Normal, in the United States. Illinois.