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Tuesday, 22 June 2021 19:21

Lucid Motors Details Production Efforts, New Showrooms, Its SUV

Written by Joey Klender, Teslarati

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Lucid Motors has released new details regarding the production of the Air sedan, along with plans of an upcoming flagship studio in New York City and some minor updates on the Gravity SUV it announced late last year.

Lucid and Churchill Capital Corp IV filed new details with the SEC, stating the company has completed the “preproduction builds and has started the production of quality validation builds of the Lucid Air.”

 

Automakers use preproduction builds to identify problems or issues before the model goes on sale and is delivered to the public. Oftentimes, companies use this process to iron out production issues that won’t necessarily affect the vehicle’s performance.

 

Still, more often than not, the cosmetic issues are what is being identified. Things like panel gaps or paint issues can be identified and resolved, so they are ready for the car’s production version.

 

Along with the imminent production of what will eventually be delivery-ready models of the Air, Lucid also announced capital and financial flexibility available upon the business combination with CCIV would enable the automaker to accelerate around $350 million of planned CAPEX investment from 2021 to 2023. These investments could expand by up to 6% to 7% from 2021 to 2026. The investments could be used for:

 

  • Accelerate additional manufacturing capacity for the Lucid Air to capitalize on expected demand, and implement a dedicated Lucid Gravity general assembly line
  • Combine the next two phases of the Arizona facility expansion into one expedited phase
  • Provide 2.7 million square feet of additional manufacturing space by 2023, enabling increased Lucid Air capacity up to approximately 53,000 vehicles per year
  • Improve production flexibility between Lucid Air and Lucid Gravity, as well as for specific vehicle variants
  • Enhance Lucid Gravity design/performance
  • Vertically integrate certain functions (e.g., Stamping & Battery Enclosures) via accretive in-housing investments (higher quality/lower costs)

 

The company expects to launch Lucid Gravity at the end of its projected second half of 2023 timeline and intends to have increased production of Lucid Air in 2023 and 2024. It expects total vehicle volumes to be unchanged for 2023 and 2024.

 

Lucid continues to...


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