Lucid Kicks Off Financing Round For $700 Million Factory

Creating an electric automaker from the ground-up may not be easy but Lucid Motors is pushing forward with its plans to knock Tesla off the top of the thriving industry and is currently planning a huge factory in Arizona.

While recently speaking to The Motley Fool, Lucid’s chief technology officer Peter Rawlinson confirmed that the company is working to secure a Series D financing round which will allow it to break ground on the factory.

Construction of the plant will have three phases, the first of which will require approximately $240 million. When this stage of the factory is complete, production of the Air will commence, sitting between 8,000 and 10,000 vehicles a year and starting in 2019. Construction of the final two phases of the factory should then be completed by 2022 by which time $700 million will have been invested. Production is ultimately expected to max out at 130,000 vehicles a year.

Recently, Lucid Motors announced that prices for the Air will start at a very reasonable $52,500, undercutting the price of a base Tesla Model S by almost $16,000.

At this stage, specifics haven’t been released about the entry-level Air but we know it won’t feature the same 1,000 hp powertrain as Lucid’s Model S P100D rival and nor will it have the executive rear-seats with reclining and massage functions.

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