Lucid Motors CEO says the EV start-up is targeting expansion in China, Middle East by mid-decade

Lucid Motors CEO Peter Rawlinson advised CNBC’s Jim Cramer on Tuesday that the start-up has plans to construct factories outdoors the U.S.

The California-based electrical car maker’s flagship facility is in Casa Grande, Arizona, the place the corporate began industrial manufacturing in September. Preliminary deliveries of the “Dream Version” of Lucid’s Air sedan started late final month, an vital milestone for the corporate within the more and more aggressive EV market.

“Mid-decade, we plan to have vegetation within the Center East and China, as effectively,” Rawlinson mentioned in an interview on “Mad Cash.”

China is residence to the world’s largest auto market, and electric-vehicle pioneer Tesla opened a manufacturing unit within the nation in 2019. Quite a few Chinese language EV start-ups, akin to Xpeng, Li Auto and Nio, are working to seize shopper consideration, as effectively.

Rawlinson’s feedback come sooner or later after Lucid reported its first quarterly outcomes as a public firm. Its market capitalization surpassed that of Ford Motor on Tuesday as buyers reacted to administration confirming manufacturing plans for 2022 and signaling that refundable car reservations had elevated.

Lucid expects to make 20,000 of its Air sedans subsequent 12 months, a goal the corporate first specified by July and affirmed Monday. Nonetheless, Rawlinson advised Cramer the Arizona facility in its present kind is able to producing 34,000 automobiles every year with enlargement down the street.

“We’re quadrupling the scale of that manufacturing unit in Arizona. We’re constructing out a 2.85 million sq. foot enlargement to get able to construct 90,000 items each year, and the positioning itself is with its part three able to practically 400,000 items each year,” he mentioned, earlier than mentioning the worldwide manufacturing plans.

Rawlinson mentioned Lucid has “over 17,000” reservations for the Air. “They’re refundable deposits, however this has grown over 30% simply within the final six weeks for the reason that finish of Q3,” Rawlinson mentioned, including that the corporate “completely” noticed extra reservations every day, particularly after the Lucid Air on Monday was named MotorTrend’s automotive of the 12 months.

“That is when most individuals have by no means truly sat or pushed in a single. Many individuals have by no means heard of us but,” Rawlinson mentioned.

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