Lucid Motors, the Newark, California-based company that operates a factory in Casa Grande, is on schedule to begin production and deliveries of its debut EVs, like Lucid Air, this year.
Bloomberg reported that Lucid CEO Peter Rawlinson told investors on a call Tuesday that “testing and validation of Lucid Air is progressing well” and the car is “on track for the second half of 2021 start of production for customer deliveries.”
The company has boasted the battery-electric sedan Air reaching in excess of 500 miles on a single charge.
Lucid overcame a series of delays, from the pandemic to supply-chain and delivery issues, ahead of a shareholder vote on Lucid’s public listing with SPAC Churchill Capital Corp IV.
As we reported in February, Lucid announced the reverse-merger with Churchill Capital that will generate $4.4 billion in cash.
The company’s CFO Sherry House told investors that funds from the merger will allow Lucid to accelerate plans for factory expansions to meet demand and add a dedicated assembly line for its next model, an electric SUV.
The combination with Churchill Capital was the largest investment in Lucid since Saudi Arabia’s Public Investment Fund invested over $1 billion in 2018.
Shareholders are scheduled to vote on the transaction on July 22.