Electric vehicle startup Lucid starts production of Air Dream Edition worth US$169,000

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Electric vehicle startup Lucid stated on September 28, 2021 that its plant in Casa Grande, Arizona has begun producing the first cars for customers.

Sober

Electric car start Sober It said on Tuesday that its first batch of cars is being produced for customers, and it is scheduled to start delivery at the end of next month.

Lucid is the first electric car startup to go public Transaction via SPAC Actually produce saleable vehicles for consumers.This milestone is crucial for Lucid, which was listed on the Nasdaq in July and is regarded as the leader of rival electric vehicle leaders Tesla.

“I am very happy that a production car with this level of efficiency is currently leaving our factory production line,” Lucid CEO Peter Rowlinson, former chief engineer and vice president Tesla’s engineering, Said in a statement.

Lucid’s first car was a special edition of the flagship sedan worth $169,000, called Air Dream EditionAccording to the U.S. Environmental Protection Agency, its cruising range has reached an industry-leading level, reaching 520 miles. The company plans to produce only 520 Dream Edition models as a tribute to the car’s EPA scope.

The entry-level model Lucid Air sedan starts at $77,400, and the federal tax credit for plug-in cars is up to $7,500.

Lucid stated that it has received more than 13,000 bookings so far.

According to investors, the company told investors in July that it expects to produce 20,000 Lucid Air cars in 2022, generating more than $2.2 billion in revenue.

Lucid is producing Air at a new plant in Casa Grande, Arizona. It is building a multi-billion-dollar facility in phases on 590 acres of land. This is the first new electric car factory in the United States. The plant is expected to produce an SUV called Gravity in 2023.

Lucid was founded in 2007 under the original name Atieva, the name is now used in its engineering and technical department, which provides batteries for Formula E, an electric racing circuit. The company first focused on battery technology, then changed its name and transformed into an electric car manufacturer in 2016. Three years later, Rawlinson joined the company to lead its technology development and then became CEO.

Lucid encountered some difficulties in obtaining funds to fund its program until September 2018 when it received US$1 billion from Saudi Arabia’s sovereign wealth fund. According to FactSet, it is still the company’s largest shareholder, with approximately 62% of the outstanding shares.

The automaker is one of a group of electric car startups that have gone public in the past year or so.Others have included Faraday Future, Kanu, Fisk with Lordstown Motor Company. No one has ever produced a saleable vehicle for consumers.

Lucid production started two weeks later Amazon-Supported electric car startup Rivian began production of its first car, A pickup called R1T, At a factory in Norma, Illinois.

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