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    EV startup Lucid begins production of $ 169,000 AirDream Edition

    Lucid, an electric vehicle startup on September 28, 2021, said production of the first vehicle for its customers began at its Casa Grande plant in Arizona.

    Lucido

    Electric car startup Lucido Production of the first car for customers is underway on Tuesday, with delivery expected to begin later next month.

    Lucid is the first EV startup to be released Through SPAC transactions Actually producing a vehicle that can be sold to consumers. The milestone is crucial to Lucid, who debuted on the Nasdaq in July and is considered the front runner of rival EV leaders. Tesla..

    “We are pleased that production vehicles with this level of efficiency are now being kicked out of our factory line,” said Peter Rawlinson, former Chief Engineer and Vice President of Lucid. Engineering in TeslaSaid in a statement.

    Lucido’s first car is a $ 169,000 special edition of its flagship sedan. Air Dream EditionAccording to the EPA, up to 520 miles in the industry’s leading range. The company plans to produce just 520 Dream Edition models to fit the automotive EPA range.

    The entry-level version of the car, the Lucid Air sedan, starts at $ 77,400 before the federal tax credit of up to $ 7,500 for plug-in vehicles.

    Lucid states that it has won a total of more than 13,000 bookings so far.

    According to a spokesman for the company, the first vehicles in production, including the Lucid Air Grand Touring model, are assigned for Lucid’s studio, sales team, and customer test drive.

    According to an investor presentation, Lucido told investors in July that it expects to produce 20,000 Lucido air sedans in 2022, generating more than $ 2.2 billion in revenue. This is a slower launch than other EV startups.

    “Our focus is on quality, providing great cars, cars that our customers really love, and providing a luxurious customer experience,” Rawlinson told CNBC’s Closing Bell on Tuesday. “This is a precedent for rushing to launch production in the near future, but obviously next year we’re going to launch things on the S-curve of production.”

    Lucid manufactures Air at its new plant in Casa Grande, Arizona. A multi-billion dollar facility, the first greenfield EV plant in the United States, is being phased in on 590 acres of land. The facility will produce an SUV called Gravity in 2023.

    Lucid was founded in 2007 as Atieva. This is the name currently used for engineering and technology arms that supply batteries to the electric racing circuit Formula E. The company first focused on battery technology before renaming and moving to an electric vehicle manufacturer in 2016. Three years after Rawlinson joined the company, he led technology development before becoming CEO.

    Lucido had some difficulty raising funds to fund the plan until September 2018, when he received $ 1 billion from the Saudi Arabian sovereign wealth fund. According to FactSet, the company continues to be the company’s largest shareholder, holding approximately 62% of its outstanding shares.

    The car maker is one of a group of EV start-ups that have been unveiled in the last year or so.Others are included The future of Faraday, Canoe, Fisker When Lordstown Motors.. No vehicle has been manufactured for sale to consumers.

    Lucid will go into production two weeks later AmazonSupported EV startup Rivian has begun production of its first vehicle. Pickup called R1T, At a factory in Normal, Illinois.

    EV startup Lucid begins production of $ 169,000 AirDream Edition

    Source link EV startup Lucid begins production of $ 169,000 AirDream Edition

    The post EV startup Lucid begins production of $ 169,000 AirDream Edition appeared first on Eminetra.

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