Lucid Motors has developed the $700 million factory that will manufacture its electric cars

Lucid Motors has finalized the development of the first phase of its $700 million factory. This factory will start the manufacture of the company’s electric cars this season. The facility lies between Tucson and Phoenix and has the potential of assembling 30000 electric vehicles per annum. Lucid Motors, Peter Rawlinson stated that if customers play their role in this project, they can widen the landscape. They are currently operating in of 999000 square feet to exceed 5 million square feet. With this size, the company can assemble over 400000 electric vehicles annually. Although this plan seems outrageous for a company that is yet to manufacture its first electric vehicle, Rawlinson is confident that they can become the industry leaders. Additionally, the company is initiating the construction activities for the second phase of this project. This phase will develop a fully electric SUV in the next three years. 

Lucid Motors’ intention is to develop a factory over a 590-acre land in four phases in the next eight years. The first has taken the company four years after it revealed its plan of developing electric vehicles. Initially, the project seemed too ambitious to kick off. Nevertheless, the company managed to secure investors with the Saudi Arabia sovereign wealth fund chipping two years ago with $1 billion. The company unveiled its luxury Air sedan, which comes with a mileage range of 517 miles with unique design and technology. 

The flagship Dream edition variant of this electric car will be selling at $169000, while the Grand Touring model costs $139000. These two models will be the first for the company to develop in this new facility. The company explained that the variants of this electric vehicle would enter the market next year. The other variants, which are the Touring model and the base model, will be joining the market in the next two years for $95000 and $80000, respectively. The prices quoted are exclusive of the federal waiver that the government will be citing before the products enter the market. 

The company stated that the electric vehicle is supposed to substitute for the Mercedes Benz S Class. This concept implies that the performance of the electric vehicle must be top-notch. For example, the Dream edition can accelerate from zero to 60 mph in less than 3 seconds with a mileage range of 465 miles. On the other hand, the Grand Touring can run for 517 miles but traverses at exactly three seconds.