The startup Lucid is producing its first electric cars, which are currently being worked on, and will appear on the market next October.
According to Arabiya Net, Lucid is the first electric car company to be listed on the stock exchange through the SPAC deal to produce a vehicle that is actually salable to consumers. The achievement is crucial for Lucid, which debuted on the Nasdaq in July and is a competitor to electric car pioneer Tesla.
Lucid CEO Peter Rawlinson, who previously served as chief engineer and vice president of engineering at Tesla, said in a statement: Those with this level of efficiency are currently working out of the factory.
Lucid's first car is a special edition of the $169,000 flagship sedan called the Air Dream Edition, with an industry-leading range of 520 miles. The company plans to produce only 520 cars of this model.
The company will launch cars with lower pricing starting at $77,400 before a federal tax deduction of up to $7,500 for additional vehicles, which are known as Lucid Air.
Lucid said it has received more than 13,000 total bookings so far.
Lucid told investors in July that it expects to produce 20,000 Lucid Air sedans in 2022, generating more than $2.2 billion in revenue.
Lucid manufactures the Air at a new 590-acre plant in Casa Grande, Arizona. The plant is expected to produce an SUV called the Gravity in 2023.
Lucid was founded in 2007 as Atieva, the name it now uses for its engineering and technology arm that supplies batteries to the Formula E electric race circuit, where the company first focused on technology Electric batteries before changing its name and switching to an electric car manufacturer in 2016.
Lucid had some difficulty obtaining capital to fund its plans until September 2018, when it received $1 billion from Saudi Arabia's Public Investment Fund, which remains the company's largest shareholder. About 62% of outstanding shares, according to FactSet.
