Lucid is on track to produce 20,000 electric vehicles next year; strengthens the budget

0
11

As of Monday’s close, the company has a market capitalization of around $ 73 billion, despite generating only meager revenue. In 2018, the Saudi Arabian Public Investment Fund invested more than $ 1 billion in the startup, giving new life to a company that had struggled to make progress up to that point.

Lucid is seen as a potential competitor to Tesla Inc. after demonstrating battery technology that can compete with historical market vehicle performance. Lucid CEO Peter Rawlinson was previously chief engineer of Tesla’s Model S sedan.

The startup’s first quarterly earnings report comes less than a week after a flashy initial public offering of another electric vehicle newcomer, Rivian Automotive Inc. That list was the sixth largest in U.S. history, even though the company has only produced a handful of vehicles so far, with deliveries mostly going to employees.

Like Rivian, Lucid only started production in September and began limited customer deliveries of its first electric vehicle on October 11. 31. The company’s short-term goal is to supply fewer than 600 units of a limited-release Dream Edition Air that is priced at $ 169,000 and is capable of covering 520 miles on a single charge. The company is also starting deliveries of a lower-spec version of its Air vehicle that costs $ 139,000.

Lucid manufactures his cars at a plant in Casa Grande, Arizona, which he built in less than a year and started operating in 2020.

LEAVE A REPLY

Please enter your comment!
Please enter your name here