Electric vehicles made by the Lucid Group Inc, a United States based startup, that the company targets to start delivering in late October have a range that beats those of another American electric vehicle maker Tesla, the company said on Tuesday.
According to analysts, this casts a serious threat to the market leader Tesla, whose premium model sales have stagnated.
Production of the long-delayed Lucid Air automobiles was started by the company, located in California, on Tuesday at its Arizona factory. The company has set a target of enhancing the production capacity to 90,000 vehicles annually within the following two years.
The company plans to put up its top-tier Lucid Air Dream Edition in late October which will be followed by its cheaper variants such as the Grand Touring, Touring, and Air Pure.
The total manufacturing of the Lucid Air Dream Edition has been raised to 520 vehicles and bookings for more than 13,000 of its Lucid Air models have been received by it, the firm stated.
An official US government rating of 520 miles (837 kilometres)per single charge was obtained by a variant of the Lucid Air Dream Edition which the company has priced at $169,000. That mileage is higher than that of Tesla's Model S, which is priced at $89,990, by more than 100 miles to a single charge.
The stocks of the company increased by 23 per cent this month, helped by the greater range of its vehicles.
The cars of the company had a technological and economic edge over the Motus, said Lucid Lead Executive Officer Peter Rawlinson, a former chief engineer on the Tesla Model S, while addressing people at the production site of the company.
"We've ridden customers of the fear of range anxiety," he said. "The next big obstacle is cost effectiveness of electric cars. We've got to get the cost down."
The company will start manufacturing the cheapest variant, the Air Pure that is priced at $77,400, late ncxt year, he said.
After being formed in 2007, the company was funded in 2018 by Saudi Arabia's Public Investment Fund, following which the company got itself listed at the stock exchange in July this year through a shell company.
"(20)17 and (20)18 were brutal. The company was in a parlous state. And then I've got to say, we met a perfect partner," he said.
Problems comparable to those faced by Tesla in its early days, which include those related to manufacturing and scaling up production, is being faced by Rawlinson, who exited Tesla in 2012.
"I think the big challenge for Lucid will be execution," said Sam Abuelsamid, a principal analyst at Guidehouse Insights. "I think that they have a very good car. It's very attractive."
Tesla has abandoned plans to introduce a Model S Plaid+ with a projected driving range of 520 miles, citing the Model S Plaid as "simply so fantastic", Elon Musk, CEO of the company, had announced in June.
This month, Musk maintained that "production is difficult."
"It's really difficult to produce with positive cash flow," he added, as he also pointed out to the razor-thin margins of the company.
The combined sales of Model S and Model X premium vehicles of Tesla were just 1,890 in the second quarter of this year, compared to 22,300 in the same period three years earlier.
Tesla does not provide specific numbers for the two high-end versions.
"The Model S doesn't look fundamentally different from a Model S nine years ago," Abuelsamid said. "In the premium market, customers are looking for the latest and greatest."
Musk reduced the price of the Model S in October 2020, soon after Lucid revealed the cost of their basic model. "The challenge has been issued! The prophecy will come true "At the time, he tweeted.
Rivian, an electric car manufacturer funded by Amazon.com Inc and now aiming for a public stock listing, began manufacturing of electric pickup trucks earlier this month. This action comes ahead of comparable moves planned by Tesla, General Motors, and Ford Motor Company.
(Source:www.businesstoday.in)
According to analysts, this casts a serious threat to the market leader Tesla, whose premium model sales have stagnated.
Production of the long-delayed Lucid Air automobiles was started by the company, located in California, on Tuesday at its Arizona factory. The company has set a target of enhancing the production capacity to 90,000 vehicles annually within the following two years.
The company plans to put up its top-tier Lucid Air Dream Edition in late October which will be followed by its cheaper variants such as the Grand Touring, Touring, and Air Pure.
The total manufacturing of the Lucid Air Dream Edition has been raised to 520 vehicles and bookings for more than 13,000 of its Lucid Air models have been received by it, the firm stated.
An official US government rating of 520 miles (837 kilometres)per single charge was obtained by a variant of the Lucid Air Dream Edition which the company has priced at $169,000. That mileage is higher than that of Tesla's Model S, which is priced at $89,990, by more than 100 miles to a single charge.
The stocks of the company increased by 23 per cent this month, helped by the greater range of its vehicles.
The cars of the company had a technological and economic edge over the Motus, said Lucid Lead Executive Officer Peter Rawlinson, a former chief engineer on the Tesla Model S, while addressing people at the production site of the company.
"We've ridden customers of the fear of range anxiety," he said. "The next big obstacle is cost effectiveness of electric cars. We've got to get the cost down."
The company will start manufacturing the cheapest variant, the Air Pure that is priced at $77,400, late ncxt year, he said.
After being formed in 2007, the company was funded in 2018 by Saudi Arabia's Public Investment Fund, following which the company got itself listed at the stock exchange in July this year through a shell company.
"(20)17 and (20)18 were brutal. The company was in a parlous state. And then I've got to say, we met a perfect partner," he said.
Problems comparable to those faced by Tesla in its early days, which include those related to manufacturing and scaling up production, is being faced by Rawlinson, who exited Tesla in 2012.
"I think the big challenge for Lucid will be execution," said Sam Abuelsamid, a principal analyst at Guidehouse Insights. "I think that they have a very good car. It's very attractive."
Tesla has abandoned plans to introduce a Model S Plaid+ with a projected driving range of 520 miles, citing the Model S Plaid as "simply so fantastic", Elon Musk, CEO of the company, had announced in June.
This month, Musk maintained that "production is difficult."
"It's really difficult to produce with positive cash flow," he added, as he also pointed out to the razor-thin margins of the company.
The combined sales of Model S and Model X premium vehicles of Tesla were just 1,890 in the second quarter of this year, compared to 22,300 in the same period three years earlier.
Tesla does not provide specific numbers for the two high-end versions.
"The Model S doesn't look fundamentally different from a Model S nine years ago," Abuelsamid said. "In the premium market, customers are looking for the latest and greatest."
Musk reduced the price of the Model S in October 2020, soon after Lucid revealed the cost of their basic model. "The challenge has been issued! The prophecy will come true "At the time, he tweeted.
Rivian, an electric car manufacturer funded by Amazon.com Inc and now aiming for a public stock listing, began manufacturing of electric pickup trucks earlier this month. This action comes ahead of comparable moves planned by Tesla, General Motors, and Ford Motor Company.
(Source:www.businesstoday.in)
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