Lucid CEO anticipates 500k units produced annually by 2025 saying “the planet can’t wait”

Written by Cláudio Afonso | | LinkedIn | Twitter

Lucid CEO Peter Rawlinson told CNBC’s Hadley Gamble that the deal with Saudi Arabia will allow the company to produce 500,000 units per year by mid-decade instead of 2030, as initially planned.

Earlier this week, Lucid hosted a ceremonial signing event to mark the February 2022 agreements with the Saudi Arabia entities for the construction Lucid’s production factory in the country with a capacity of 155,000 electric vehicles.The agreement is estimated to provide financing and incentives to Lucid of up to $3.4 billion in aggregate over the next 15 years.

That means we can accelerate plans to produce half a million cars a year from what was going to be 2030, to mid decade. And that’s really important because the planet can’t wait.

Peter Rawlinson, LUCID Motors CEO

Rawlinson added the ongoing energy crisis “really just fuels the transition to battery electric vehicles” and that “the demand is now multiplying”.

According to a SEC form filed on May 13, George Soros’ Fund Management initiated position in Lucid Motors in the first quarter of 2022. The fund disclosed ownership of 600,000 shares of valued at $15.24M as of March 31.

On Friday, the company opened its first European retail location – the Lucid Studio at Odeonsplatz in Munich, Germany. Lucid expects to open additional studios and service centers in Germany, the Netherlands, Norway, and Switzerland in 2022, and has the ambition to expand into additional key markets across the European continent in the coming years.

The luxurious EV manufacturer unveiled on Tuesday its plan for the European expansion announcing the first deliveries in late 2022 and the prices for Germany, Switzerland, Norway and The Netherlands. Further expansion in Europe is planned in the future, including additional Studios and services centers in major European cities and a right-hand-drive model for the UK, the company said.

Recently, the company announced that has begun delivering in Canada. In March, the luxurious EV maker opened its second studio in Canada being located at the Yorkdale Shopping Centre, Ontario. At the time, Lucid also unveiled a collaboration with Electrify Canada. Lucid has collaborated with Electrify Canada to offer those who reserve a Lucid Air by June 30, 2022, two years of complimentary charging on the rapidly growing charging network. 

As previously announced, Lucid is increasing its prices in the US and Canada for reservations made after June 1st.The starting price of Lucid’s Air Pure model is now $119,000 CAD, up from $105,000 CAD. The only model with no price changes is the recent released Lucid Air Grand Touring Performance, costing $242,000 CAD.

Written by Cláudio Afonso | | LinkedIn | Twitter