Lucid Motors CEO aims to expand factory in China and the Middle East

Lucid Motors CEO Peter Rawlinson told CNBC’s Jim Kramer on Tuesday that the startup has plans to build factories outside the US.

The Californian electric vehicle manufacturer’s flagship plant is located in Casa Grande, Arizona, where the company began commercial production in September. The first deliveries of the Lucid Air “Dream Edition” sedan began late last month, marking an important milestone for the company in an increasingly competitive electric vehicle market.

“In the middle of the decade, we plan to open factories in the Middle East and China,” Rawlinson said in an interview with Mad Money.

China is home to the world’s largest auto market, and electric vehicle pioneer Tesla opened a factory in the country in 2019. A number of Chinese electric vehicle startups such as Xpeng, Li Auto and Nio are working to grab the attention of consumers. also.

Rawlinson’s comments came a day after Lucid released its first quarterly results as a public company. Its market cap surpassed that of Ford Motor on Tuesday as investors reacted to management confirming production targets for 2022 and announcing an increase in car reservations with a return option.

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Lucid plans to produce 20,000 of its Air sedans next year, a target the company first announced in July and reaffirmed on Monday. However, Rawlinson told Kramer that the Arizona facility as it stands is capable of producing 34,000 vehicles a year with further expansion.

“We are quadrupling the size of this factory in Arizona. We are building a 2.85 million square foot extension to prepare for 90,000 units per year, and the facility itself is capable of producing nearly 400,000 units per year in Phase 3. “, – he said, before mentioning the plans for international production.

Rawlinson said Lucid has “over 17,000” bookings on Air. “These are refundable deposits, but they have grown more than 30% in just the last six weeks since the end of the third quarter,” Rawlinson said, adding that the company “absolutely” saw additional bookings every day, especially after Monday’s Lucid Air. was named MotorTrend Car of the Year.

“This is when most people have never actually sat on them or driven them. Many people have never heard of us before, ”Rawlinson said.

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