Electrical automobile start-up Lucid on Sept. 28, 2021 mentioned manufacturing of its first automobiles for patrons has began at its manufacturing unit in in Casa Grande, Arizona.
Electrical automobile start-up Lucid on Tuesday mentioned manufacturing of its first automobiles for patrons is underway, with deliveries scheduled to start late subsequent month.
Lucid is the primary EV start-up that went public through a SPAC deal to truly produce a saleable automobile for shoppers. The milestone is essential for Lucid, which debuted on the Nasdaq in July and is considered as a front-runner to rival EV chief Tesla.
“I am delighted that manufacturing automobiles endowed with this degree of effectivity are at the moment driving off our manufacturing unit line,” Lucid CEO Peter Rawlinson, a former chief engineer and vice chairman of engineering at Tesla, mentioned in a press release.
Lucid’s first automotive is a $169,000 particular version of its flagship sedan known as the Air Dream Edition, with an industry-leading vary of as much as 520 miles, in line with the EPA. The corporate plans to supply simply 520 of the Dream Version fashions, in a nod to the automotive’s EPA vary.
Pricing for an entry-level model of the automotive, the Lucid Air sedan, begins at $77,400 earlier than an as much as $7,500 federal tax credit score for plug-in automobiles.
Lucid mentioned it has obtained greater than 13,000 whole reservations up to now.
The corporate advised traders in July that it expects to supply 20,000 Lucid Air sedans in 2022, producing greater than $2.2 billion in income, in line with an investor presentation.
Lucid is manufacturing the Air at a brand new manufacturing unit in Casa Grande, Arizona. It is constructing what’s anticipated to be a multibillion-dollar facility, which is the primary greenfield EV plant within the U.S., in phases on a 590-acre website. The power is anticipated to supply an SUV known as the Gravity in 2023.
Lucid was based in 2007 as Atieva, a reputation it now makes use of for its engineering and tech arm that provides batteries to electrical racing circuit Components E. The corporate first centered on electrical battery know-how earlier than altering its title and shifting to an electrical automobile producer in 2016, three years after Rawlinson joined the corporate to steer its know-how improvement earlier than turning into CEO.
Lucid had some issue acquiring capital to fund its plans till September 2018 when it obtained $1 billion from Saudi Arabia’s sovereign wealth fund. It stays the most important shareholder of the corporate with about 62% of excellent shares, in line with FactSet.
The automaker is amongst a bunch of EV start-ups to go public prior to now 12 months or so. Others have included Faraday Future, Canoo, Fisker and Lordstown Motors. None have produced a saleable automobile for shoppers.
Lucid’s manufacturing begin comes two weeks after Amazon-backed EV start-up Rivian started manufacturing of its first automobile, a pickup called the R1T, at a manufacturing unit in Regular, Illinois.