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

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Casa Grande, Ariz., Sep 29 (Businesshala) – Luxury electric car maker Lucid Group is on track to meet its production targets for 2022 and 2023 and is pushing to achieve its target of 577 vehicles this year, Its chief executive said.

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The California-based startup, which went public this year through a shell company, secured the $4.4 billion it needs by the end of next year, but won’t wait to raise more cash until then, Peter Rawlinson told Businesshala.

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

He said the latest funding “sees us through to the end of 2022. So it doesn’t see us right to project Gravity,” in reference to the firm’s electric sport utility vehicle planned for release in late 2023.

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“By the end of next year the balance sheet is fine. So we won’t wait till the end of next year to raise money. It will be pretty crazy,” he said.

Lucid began production of its Lucid Air premium electric sedan at its Arizona factory on Tuesday, aiming to deliver the cars to customers in late October.

He said it was a “reasonable bet” that the industry’s chip shortage would subside in a year’s time, echoing comments made by Tesla’s Elon Musk, who said last week that new semiconductor plants were being built. If so, it would mean that the shortfall was short-lived.

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

Reporting by Hyunju Jin; Additional reporting by Hekyong Yang; Editing by Edmund Blair

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