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Electrical car start-up Lucid on Tuesday mentioned manufacturing of its first automobiles for purchasers is underway, with deliveries scheduled to start late subsequent month.
Lucid is the primary EV start-up that went public via a SPAC deal to really produce a saleable car for shoppers. The milestone is essential for Lucid, which debuted on the Nasdaq in July and is seen 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 facility line,” Lucid CEO Peter Rawlinson, a former chief engineer and vice chairman of engineering at Tesla, mentioned in a press release.
Electrical car start-up Lucid on Sept. 28, 2021 mentioned manufacturing of its first automobiles for purchasers has began at its manufacturing facility in in Casa Grande, Arizona.
Lucid
Lucid’s first automobile is a $169,000 particular version of its flagship sedan known as the Air Dream Version, with an industry-leading vary of as much as 520 miles, based on the EPA. The corporate plans to supply simply 520 of the Dream Version fashions, in a nod to the automobile’s EPA vary.
Pricing for an entry-level model of the automobile, 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 complete reservations to this point.
The preliminary automobiles being produced, together with Lucid Air Grand Touring fashions, are earmarked for Lucid’s studios, gross sales groups, and for buyer take a look at drives, based on an organization spokesman.
Lucid instructed traders in July that it expects to supply 20,000 Lucid Air sedans in 2022, producing greater than $2.2 billion in income, based on an investor presentation. That is a slower ramp-up than different EV start-ups.
“Our emphasis is upon high quality, delivering an superior automobile, a automobile that our clients will actually love, and delivering a luxurious buyer expertise.,” Rawlinson mentioned Tuesday on CNBC’s “Closing Bell.” “That takes precedent upon speeding the ramp up of manufacturing within the instant future, however clearly subsequent yr we’ll ramp issues up on an S curve of manufacturing.”
Lucid is manufacturing the Air at a brand new manufacturing facility 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 web site. The ability 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 System E. The corporate first targeted on electrical battery know-how earlier than altering its identify and shifting to an electrical car producer in 2016, three years after Rawlinson joined the corporate to guide its know-how growth earlier than changing 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 biggest shareholder of the corporate with about 62% of excellent shares, based on FactSet.
The automaker is amongst a gaggle of EV start-ups to go public previously yr or so. Others have included Faraday Future, Canoo, Fisker and Lordstown Motors. None have produced a saleable car for shoppers.
Lucid’s manufacturing begin comes two weeks after Amazon-backed EV start-up Rivian started manufacturing of its first car, a pickup known as the R1T, at a manufacturing facility in Regular, Illinois.
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