The luxurious electric vehicle maker Lucid Motors delivered 300 vehicles in April ramping up the production from the previous month, as reported by Arab News. The U.S.-based company had delivered an average of 120 units during the first three months of the year representing a ram up in the production pace in April.
According to what Peter Rawlinson, Lucid CEO, told to Arab News, the company will accelerate its technology to reduce cost and energy consumption in the next 3 years.
“The obstacle of EV is the prices of a vehicle. We can use our technological advantage to make cars that go further with fewer batteries, which means we can make the cars more affordable to buy and run because it consumes less energy,” said Rawlinson. “When we move to the middle of the decade, our middle-size platform will become available, and that’s when we can drive the price down to closer to $50,000 in today’s prices,” he added.
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Last week, 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 in the 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.
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 May 13, 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.
Recently, Lucid unveiled 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.