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Lucid Group gears up for mass EV production with growing list of customer reservations

Lucid Group Inc (NASDAQ:LCID), the electric vehicle (EV) startup looking to play catch-up with Tesla, shares accelerated overnight after the company said it has 17,000 reservations from potential customers for its range of vehicles.

The company, which delivered its first EVs at the end of October, says its customer reservations rose to around 13,000 at the end of the third quarter ending September 30, reflecting an order book of approximately US$1.3bn.  

In the six weeks since the end of September, the Californian based company said this has increased by roughly another 4,000, creeping closer to its production target of 20,000 EVs for the whole of 2022.

Production got up and running at its manufacturing plant in Case Grande, Arizona, during the third quarter, with expansion work also underway to add another 2.85mln square feet of space.  

This expansion has the potential to nearly triple production capacity from 34,000 to 90,000 EVs a year by the end of 2023. 

Peter Rawlinson, chief executive officer and former president of vehicle engineering at Tesla, said, “We see significant demand for the award-winning Lucid Air, with accelerating reservations as we ramp production at our factory in Arizona.

“We remain confident in our ability to achieve 20,000 units in 2022” 

Lucid, which listed on Nasdaq in July via a merger the Churchill Capital SPAC, saw its shares leap 24% to $55.52 on Tuesday’s Wall Street session.

Read More: Lucid Group gears up for mass EV production with growing list of customer reservations

2021-11-16 18:01:00

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