Lucid Motors believes it is on track to meet its production targets by 2023 after beginning volume production of its Air e-sedan, and the company plans to raise additional capital for the planned SUV model despite its recent IPO.
CEO Peter Rawlinson recently told Reuters that 577 examples of the Lucid Air will be built in the remainder of 2021 (volume production has been underway since late September) before production ramps up to 20,000 and 50,000 vehicles in 2022 and 2023, respectively. The company has secured the $4.4 billion it needs by the end of next year via its IPO, but it doesn't want to wait until then to raise more capital.
Rawlinson said the capital to date "takes us to the end of 2022, so it doesn't take us to Project Gravity." Gravity is the name of the brand's second electric vehicle. The e-SUV is scheduled to go into production in 2023. "This is a capital-intensive business," Rawlinson said.
Other electric car startups have developed promising vehicles in the past, but then failed to make the leap into mass production. California-based Lucid Motors has built its own plant in Arizona and is currently expanding the facility to produce its planned SUV model.