Lucid Motors Says On Track To Begin Production, Deliveries Later This Year

Lucid Motors, the luxury electric vehicle maker, which is set to go public through a SPAC merger with Michael Klein’s Churchill Capital Corp IV CCIV, said on Tuesday it is on track to begin production and deliveries this year.

What Happened: CEO Peter Rawlinson told investors during a call that the EV maker has completed the pre-production phase after a series of delays and the company is on track to begin production and deliveries in the second half of the year.

The California-based company also plans to accelerate its factory expansion to meet demand and add a dedicated assembly line for its next model, an electric SUV.

Lucid shareholders are due to vote on its listing on July 22.

See Also: Lucid Sees Tesla As The Real Competition In 'Two-Horse Race' EV Market: CEO

Why It Matters: Lucid is among a host of EV startups that have taken the SPAC route to go public, many of which have gotten themselves muddled in controversies. Canoo Inc GOEV, Nikola Corp NKLA, and Lordstown Motors RIDE have all come under intense investor scrutiny following SEC investigations, short-seller reports, or production delays.

Rawlinson, an ex-Tesla Inc TSLA engineer, has claimed his company's first all-electric Lucid Air luxury sedan has secured over 10,000 ‘bona fide’ orders with appropriate deposits, some over $7,000.

Price Action: CCIV shares closed 3.50% lower at $25.91 on Tuesday.

Click here to check out Benzinga's EV Hub for the latest electric vehicles news.

Photo: Courtesy of Lucid