Lucid Motors CEO targeting factory expansion in China, Middle East

Lucid Motors CEO Peter Rawlinson told CNBC’s Jim Cramer on Tuesday that the start off-up has designs to create factories outside the U.S.

The California-based electric powered car or truck maker’s flagship facility is in Casa Grande, Arizona, exactly where the organization started business output in September. First deliveries of the “Aspiration Version” of Lucid’s Air sedan began late final thirty day period, an significant milestone for the enterprise in the increasingly competitive EV industry.

“Mid-ten years, we plan to have vegetation in the Center East and China, as perfectly,” Rawlinson mentioned in an interview on “Mad Cash.”

China is home to the world’s most significant automobile industry, and electric powered-car pioneer Tesla opened a manufacturing facility in the state in 2019. A selection of Chinese EV get started-ups, these as Xpeng, Li Auto and Nio, are doing the job to seize shopper interest, as very well.

Rawlinson’s reviews arrive one particular day soon after Lucid documented its first quarterly final results as a general public corporation. Its industry capitalization surpassed that of Ford Motor on Tuesday as buyers reacted to administration confirming manufacturing strategies for 2022 and signaling that refundable motor vehicle reservations had enhanced.

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Lucid expects to make 20,000 of its Air sedans following year, a goal the enterprise very first laid out in July and affirmed Monday. Having said that, Rawlinson explained to Cramer the Arizona facility in its recent form is capable of creating 34,000 vehicles each individual calendar year with growth down the road.

“We are quadrupling the size of that manufacturing unit in Arizona. We’re setting up out a 2.85 million sq. foot enlargement to get ready to construct 90,000 units for each annum, and the web site by itself is with its phase a few able of almost 400,000 units for every annum,” he reported, ahead of mentioning the intercontinental output programs.

Rawlinson explained Lucid has “around 17,000” reservations for the Air. “They are refundable deposits, but this has developed more than 30% just in the very last six weeks due to the fact the conclude of Q3,” Rawlinson explained, adding that the enterprise “definitely” saw added reservations just about every day, particularly immediately after the Lucid Air on Monday was named MotorTrend’s automobile of the year.

“This is when most men and women have never essentially sat or pushed in just one. Lots of men and women have under no circumstances heard of us nonetheless,” Rawlinson claimed.