Lucid Motors increases activity to reach the market

LOS ANGELES – Lucid Motors lays the groundwork for the retail and manufacturing launch of its battery-powered electric sedan in the coming months after years of delays, bringing the California startup closer to its goal of taking over Tesla and Mercedes-Benz one more step towards reality.

Last week, Lucid announced the end of its pre-production phase at Arizona’s new manufacturing plant and said it would move to “quality validation versions” that will pave the way for production to begin for sale. commercial.

At the same time, Lucid opened his eighth showroom owned by the company, in the Meatpacking district of New York City. Lucid markets Air as a high-performance luxury sedan with up to 500 miles of range and ultra-fast charging capabilities.

“Opening a Lucid studio in New York, one of the most vibrant cities in the world, allows us to demonstrate how Lucid Air and its innovative technology perfectly complement the fast pace and refined taste of the Big Apple,” said Peter Rawlinson, director general press release.

Under New York law, the Lucid showroom cannot sell vehicles; it will serve as an immersive experience in the luxury brand. Unlike Tesla, Lucid will market a variety of air customizations, with multitone interiors based on California-themed colors and materials.

While Lucid offers an online virtual reality experience to shoppers across the country, it also deploys physical studios in key cities in the United States and Canada. Nearby locations include Chicago, Boston, Vancouver and the Washington, DC subway. By the end of the year, Lucid expects to have 20 studio establishments and services, the company said.

The launch of electric vehicles is also developing a crossover by the end of 2023 called Gravity. Lucid said last week that he has more than 10,000 reservations for the four versions of the Air that will arrive this year and next. Reservations are not guaranteed sales, but include a $ 1,000 refundable deposit.

Lucid has also previously sold a limited edition of 500 vehicles from a high-end edition of the Air, called the Dream Edition. It was priced at $ 169,000, not including shipping or the $ 7,500 federal tax credit for electric vehicles. The less expensive version of the board, called Air Pure, starts at $ 77,400, not including shipping or federal tax credit.

Lucid is accelerating the timing of its plant in Casa Grande, Arizona, near Phoenix. The automaker said last week that it is pushing for about $ 350 million in investment funds earmarked for the later stages of construction. As a result, Lucid combines two close phases into one, which will increase air production capacity and create a dedicated assembly line for gravity.

The intensified plan is made possible by Lucid’s pending merger with Churchill Capital Corp. IV, a special purpose acquisition company. This deal, which will be made public by Lucid, is expected to close in the third quarter, Lucid said.

Lucid reiterated its expectation that the existing cash from the merger would fund the planned operations at least until 2022. By then, it expects to generate significant cash through vehicle sales. It expects to produce about 53,000 vehicles a year by 2023.

“The company chooses to accelerate the expansion of plant capacity and build a dedicated assembly line dedicated to Lucid Gravity, which is expected to lead to higher Lucid Air sales volumes in 2023 while remaining within the window of Lucid Gravity release in the second half of 2023, ”Rawlinson said. .

In a demonstration of support for Lucid’s accelerated manufacturing plan, Churchill Capital Corp. shares. they rose in the manufacturer’s news last week.

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