Lucid Group (formerly Lucid Motors) at its factory in Casa Grande, Arizona. 2. million million square feet, CEO Pete Rawlins said Monday the company officially. It has been officially announced by injecting billions of dollars of capital.
The company also said it has 11,000 paid reservations for its flagship luxury electric sedan, the Lucid Air.
Part of this expansion will be used to accommodate the production of Project Gravity, the mysterious title given to maker Tomker’s next luxury electric SUV, a Lucid spokesman told TechCrunch. Not much is known about gravity at this stage, except that it is scheduled to be available from 2023 and will use battery-like platforms such as Air Patent drawings submitted to the European Union Intellectual Property Office fees, first member reported by Lucid Forum, rendering on Lucid’s website. Reveals a little more.
The spokesperson added that the company also plans to bring more component manufacturing domestically, including key pieces such as body panel stamping. These parts were operated by an external supplier.
Casa Grande City Council approved plans in March to expand the space to about 1 million square feet. The first phase of the factory, which cost about million 700 million to build, was demolished and a record 12 months after the land was demolished. Lucid said it wants to increase production capacity from about 30,000 vehicles per year to 400,000.
Lucid has a long and sometimes intrusive path to the public market. The company first set its sights on bringing the electric sedan into production in early 2018, but it is quickly hitting the funding challenges that pushed this timeline back and forth. Lucid received a large funding in 2018 with an investment of 1 1 billion from Saudi Arabia’s Sovereign Wealth Fund, which was its largest shareholder during the merger of Lucid with special purpose acquisition company Churchill Capital IV Corp.
When the company failed to get enough votes on the main proposal last week due to the emergence of retailers and a defect in spam filters, officials said the merger took a while to sway.
Lucid, which will now operate under the name Lucid Group, is listed under the ticker symbol LCID.