EV start-up Lucid begins production of $169,000 Air Dream Edition

Electrical car start-up Lucid on Sept. 28, 2021 mentioned manufacturing of its first vehicles for patrons has began at its manufacturing unit in in Casa Grande, Arizona.


Electrical car start-up Lucid on Tuesday mentioned manufacturing of its first vehicles 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 really produce a saleable car 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 vehicles endowed with this stage of effectivity are at present driving off our manufacturing unit line,” Lucid CEO Peter Rawlinson, a former chief engineer and vice chairman of engineering at Tesla, mentioned in an announcement.

Lucid’s first automotive is a $169,000 particular version of its flagship sedan referred to as the Air Dream Edition, with an industry-leading vary of as much as 520 miles, in response to 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 complete reservations up to now.

The corporate instructed buyers in July that it expects to supply 20,000 Lucid Air sedans in 2022, producing greater than $2.2 billion in income, in response to 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 web site. The power is anticipated to supply an SUV referred to 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 expertise earlier than altering its identify and shifting to an electrical car producer in 2016, three years after Rawlinson joined the corporate to steer its expertise improvement earlier than changing into CEO.

Lucid had some problem 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 response to FactSet.

The automaker is amongst a gaggle 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 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 called the R1T, at a manufacturing unit in Regular, Illinois.

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