Lucid Motors on track for 2023 production targets
Lucid Motors believes it is on track to meet its production targets by 2023 after going into series production of its Air electric sedan. The company wants to raise additional capital for the planned SUV model despite its recent IPO.
CEO Peter Rawlinson recently said Reuters that 577 units of the Lucid Air will be built by 2021 (volume production has been underway since late September) before production reaches 20,000 and 50,000 vehicles in 2022 and 2023, respectively. The company has secured the needed $ 4.4 billion by the end of next year through its IPO, but doesn’t want to wait until then to raise additional capital.
Rawlinson explained that the capital raised so far “brings us to the end of 2022, so that doesn’t bring us to Project Gravity.” Gravity is the name of the brand’s second electric vehicle. The electric SUV is expected to go into production in 2023. âIt’s a capital intensive business,â Rawlinson said.
Other electric car start-ups have developed promising vehicles in the past, but have failed to go into mass production. California-based Lucid Motors has built its own plant in the US state of Arizona and is currently expanding the facility to produce its planned SUV model.
Meanwhile, Rawlinson considers Tesla’s rival 4680 series battery cells to be overrated and has spoken of “undue fascination.” With cells from LG Chem, the Lucid Air achieves an EPA range of up to 837 kilometers, so Rawlinson sees more potential in its approach for the near future.
âPeople think 4680 is this huge leap that is going to transform the electric car,â Rawlinson said. Reuters. âI don’t see that one. I think it’s the fantasy. Lucid will investigate other drum formats “in due course”, he added. Former Tesla developers Rawlinson and Elon Musk regularly engage in such feuds via the media.
But Rawlinson and Musk agree on one thing: The current semiconductor crisis is expected to be over within the next twelve months. But the CEO of Lucid also said his company has redesigned a circuit board to avoid issues that could affect the delivery of a chip in the medium term. “We are now taking risk mitigation actions,” he said.
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