Electric car maker Lucid on track for 2022 production target, CEO says

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CEO Peter Rawlinson speaks with a reporter at the Lucid Motors plant in Casa Grande, Arizona, United States, September 28, 2021. REUTERS / Caitlin O’Hara / File Photo

CASA GRANDE, Ariz., Sept. 29 (Reuters) – Luxury electric car maker Lucid Group is on track to meet production targets for 2022 and 2023 and is working to meet the target of 577 vehicles this year, said its managing director.

The California startup, which went public through a shell company this year, has secured the $ 4.4 billion it needs until the end of next year, but wouldn’t wait until then to raise more. money, Peter Rawlinson told Reuters.

“This is a capital intensive business,” he said, adding that the company was on track to meet its production target of 20,000 vehicles in 2022 and 50,000 in 2023.

He said the latest funding “takes us through the end of 2022. So it doesn’t take us to Project Gravity,” a reference to the company’s electric sport utility vehicle slated for release in late 2023.

“The record is fine until the end of next year. So we won’t wait until the end of next year to raise funds. That would be pretty crazy,” he said.

Lucid began production of its premium Lucid Air electric sedans at its plant in Arizona on Tuesday, with the goal of delivering the cars to customers in late October. Read more

He said it was a “reasonable bet” that within a year the industry’s chip shortage would abate, echoing comments from Tesla’s Elon Musk who said last week that the construction of new factories of semiconductors would mean that the shortage would be short-term.

But Rawlinson said the company is redesigning a printed circuit board to avoid any issues that could affect the supply of a chip in the medium term. “We are now taking risk mitigation actions,” he said.

Reporting by Hyunjoo Jin; Additional reporting by Heekyong Yang; Editing by Edmund Blair

Our Standards: Thomson Reuters Trust Principles.


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