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

Electrical auto get started-up Lucid on Sept. 28, 2021 reported creation of its very first automobiles for buyers has started off at its manufacturing unit in in Casa Grande, Arizona.


Electric powered vehicle begin-up Lucid on Tuesday mentioned generation of its very first autos for prospects is underway, with deliveries scheduled to start late future thirty day period.

Lucid is the very first EV begin-up that went community by means of a SPAC deal to actually deliver a saleable automobile for consumers. The milestone is very important for Lucid, which debuted on the Nasdaq in July and is viewed as a front-runner to rival EV chief Tesla.

“I’m delighted that manufacturing vehicles endowed with this amount of performance are at this time driving off our manufacturing unit line,” Lucid CEO Peter Rawlinson, a former chief engineer and vice president of engineering at Tesla, claimed in a assertion.

Lucid’s initial motor vehicle is a $169,000 specific version of its flagship sedan referred to as the Air Dream Edition, with an industry-major assortment of up to 520 miles, in accordance to the EPA. The firm ideas to generate just 520 of the Aspiration Edition versions, in a nod to the car’s EPA array.

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

Lucid reported it has been given extra than 13,000 overall reservations so considerably.

The preliminary cars currently being developed, such as Lucid Air Grand Touring products, are earmarked for Lucid’s studios, profits groups, and for consumer take a look at drives, according to a business spokesman.

Lucid instructed investors in July that it expects to make 20,000 Lucid Air sedans in 2022, making additional than $2.2 billion in earnings, in accordance to an investor presentation. That is a slower ramp-up than other EV start-ups.

“Our emphasis is upon quality, providing an great car, a motor vehicle that our clients will truly love, and providing a luxurious customer knowledge.,” Rawlinson mentioned Tuesday on CNBC’s “Closing Bell.” “That can take precedent upon dashing the ramp up of production in the quick long term, but evidently upcoming year we are likely to ramp points up on an S curve of manufacturing.”

Lucid is production the Air at a new manufacturing facility in Casa Grande, Arizona. It’s building what is predicted to be a multibillion-dollar facility, which is the very first greenfield EV plant in the U.S., in phases on a 590-acre site. The facility is expected to generate an SUV known as the Gravity in 2023.

Lucid was launched in 2007 as Atieva, a name it now uses for its engineering and tech arm that provides batteries to electrical racing circuit System E. The corporation to start with focused on electric battery technological innovation before altering its identify and shifting to an electrical vehicle manufacturer in 2016, a few years immediately after Rawlinson joined the business to direct its technological innovation growth right before starting to be CEO.

Lucid had some problem acquiring cash to fund its plans right up until September 2018 when it obtained $1 billion from Saudi Arabia’s sovereign prosperity fund. It continues to be the greatest shareholder of the organization with about 62% of remarkable shares, according to FactSet.

The automaker is amid a group of EV commence-ups to go general public in the previous 12 months or so. Some others have integrated Faraday Foreseeable future, Canoo, Fisker and Lordstown Motors. None have produced a saleable auto for buyers.

Lucid’s production get started arrives two weeks just after Amazon-backed EV start-up Rivian began generation of its to start with vehicle, a pickup known as the R1T, at a manufacturing facility in Regular, Illinois.