The company expanded to 13 locations in the US, while its Canadian launch is originally planned for Q4 2021 next month
see photosThe Lucid Air has the highest range of any EV in the world according to the US EPA
Lucid Motors has disclosed its Q3 2021 results after listing on the NASDAQ in July. It started production of the car in September and started deliveries on October 30 itself. Interestingly, Lucid Motors has revealed that it has now crossed 17,000 reservations from last month’s figure of 13,000. They are fast approaching the production target of 20,000 which is slated for next year. Currently, they have the Dream Edition sold out and the more regular Grand Touring Edition. There will also be a less expensive Pure Edition.
They have reported revenue of $1.7 billion and now have about $4.8 billion in cash. “In the third quarter of 2021, Lucid significantly strengthened its balance sheet through the closing of the D-SPAC reverse merger + PIPE, bringing approximately $4.4 billion to Lucid’s balance sheet,” the company disclosed. Overall, however, Lucid Motor disclosed a $0.5 billion net loss which is a function of the production involved.
The AMP-1 facility in Arizona has a capacity of more than 34,000 units per year. It also has a smaller facility called LPM-1 which is meant for manufacturing powertrains. The AMP-1 factory has already entered its second phase of construction, which will increase capacity to 56,000 units per year first and then 90,000 units per year by the end of 2023.
lucid air electric vehicle
“Closed off production capacity and expansion of capabilities: Lucid kicks off expansion of AMP-1’s manufacturing capacity, expected to provide production capacity for 90,000 vehicles per year by the end of 2023, of Lucid Air production capacity.” “Project Gravity” for the SUV by expanding and adding production capacity. The Phase 2 expansion is expected to add a 2.85M sq ft production footprint and will integrate production processes more vertically,” the company revealed.
The company expanded to 13 locations in the US, while its Canadian launch is originally planned for Q4 2021 next month. It revealed plans for Europe and EMEA for 2022 and China on the horizon for 2023.
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“We see significant demand for the award-winning Lucid Air with rapid reservations as production ramps up at our factory in Arizona. We are confident in our ability to achieve 20,000 units in 2022. This goal is not without risk. The automotive industry is facing ongoing challenges, along with global disruptions in supply chain and logistics. However, we are taking steps to mitigate these challenges, and by 2022, Lucid Air’s Grand Touring, Look forward to the launch of the Touring and Pure versions,” signed Peter Rawlinson. , CTO and CEO of Lucid Motors.
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