Electric car company Lucid goes public with billions valued

The company wants to start production of its first model Lucid Air this year, the one with Tesla’s Model S and the luxury class cars from BMW , Mercedes and Audi should compete. The price ranges from $ 70,000 to $ 160,000, depending on the version. For the coming year, Lucid is aiming for sales of 20,000 vehicles, and in 2023 a large SUV off-road vehicle is to be added that will be built on the same technical platform. By 2026, the company plans to sell 250,000 vehicles a year and generate around $ 23 billion in sales. The plant in the US state of Arizona is designed to produce 365,000 vehicles per year.

Lucid boss Peter Rawlinson played Tesla once played a central role in the development of the Model S. He will remain at the top even after going public. Lucid’s management team includes several former Tesla managers such as production expert Peter Hochholdinger, who once moved from Audi to Elon Musk’s company.

In the past few months, several developers of electric cars – including Canoo, Fisker, Lordstown Motors and Faraday Future – for their IPOs the merger with specially established companies instead of a classic share placement.

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