Lucid Group (NASDAQ: LCID) has set its sights on reaching the top of the electric vehicle (“EV”) space and is working tirelessly to achieve that goal. Last week, the California-based startup announced that it would start delivering electric vehicles with more range than Tesla’s (NASDAQ: TSLA) premium EV models in late October. The EV maker made the announcement when it invited investors, policymakers, initial customers and members of the media to its Advanced Manufacturing and Powertrain Manufacturing plant in Casa Grande, Arizona.
The Arizona plant, which employs around 400 employees and plans on beefing up staff numbers as production ramps up, has already started manufacturing Lucid cars. The first model to roll off the production lines will be the high-powered Lucid Air Dream Edition. This luxury EV model, which was first unveiled in August, will cost $169,000 before federal tax credits and has an EPA estimated range of 520 miles on a single charge. Roughly the same distance from Santa Barbara, California, the Lucid Air Dream Edition’s range is greater than every other electric vehicle model on the market. Additionally, it is also 100 miles more than the Tesla Model S 412 mile range.
Lucid will also manufacture an electric SUV, the Project Gravity, and the Lucid Air Grand Touring, which has 516 miles of range and will sell for $77,400. The Lucid Powertrain Manufacturing facility will manufacture EV batteries from the cells up, the motor, differential, and an inverter assembly small enough to be transported in carry-on luggage as well as a two-way onboard charger capable of supporting both 19.2-kW AC and 300-kW DC fast charging. According to a Lucid spokesperson, one of the reasons the Lucid Air Dream Edition can generate as much as 1,111 horsepower and travel up to 520 miles on a single charge is because the EV maker has complete control over the powertrain design and manufacturing.
To celebrate the Dream Edition’s Environment Protection Agency estimated range of 520 miles, Lucid has capped production at 520 cars. The California-based EV maker states that it has received 13,000 reservations for its Lucid Air models. Once it is done producing the Dream Edition, it will move on to the less-expensive Grand Touring, Touring and Air Pure. Lucid plans on ramping up the Arizona plant’s production capacity to 90,000 EVs per annum within two years. Lucid CEO Peter Rawlinson says that with Lucid’s advanced EV battery technology, customers will not have to deal with range anxiety. The next obstacle is making its electric cars more affordable for the mass market.
As the competition heats up between rival EV manufacturers, companies such as Ideanomics Inc. (NASDAQ: IDEX) engaged in distributing electric vehicles will have worthy options to showcase to motorists.
NOTE TO INVESTORS: The latest news and updates relating to Ideanomics Inc. (NASDAQ: IDEX) are available in the company’s newsroom at https://ibn.fm/IDEX
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