Lucid Motors is backed by the Saudi sovereign fund. He underlined the company’s recent deal to sell the Saudi Arabian government 100,000 cars over the next 10 years. Lucid chief financial officer Sherry House said this is sufficient to fund the company into 2023.
The company delivered 360 vehicles so far in 2022 bringing in $US57.7 million ($A81 million) and closed the quarter with $US5.4 billion ($A7.6 million) cash on hand. With range-topping specs that include 900-volt architecture that can recharge more than 480km range in 20 minutes and accceleration from 0-60mph (0-96.5km/hr) in 2.6 seconds, it delivers up to 830km driving range and 782kW power. The Lucid Air has been pegged as a serious competitor to the Tesla Model S. “We are nearing completion of deliveries of Lucid Air Dream Edition, and we began deliveries of Lucid Air Grand Touring, with an EPA-estimated range of up to 516 miles and an unprecedented efficiency of 4.6 miles per kilowatt-hour.” Peter Rawlinson, Lucid’s CEO and CTO, said, “We continued to make progress in the first quarter of 2022 despite on-going global supply chain challenges. But, the company’s current production capacity of 12,000-14,000 vehicles a year means some customers could be waiting almost two years to receive a new vehicle. This equates to a potential $US2.9 billion ($A4 billion) in revenue potential. At its quarterly earnings results on Thursday, it said that it already has 30,000 orders on the books.
Lucid Motors will be very busy for at least the next two years, it would seem.
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