DUBAI: Lucid Motors, which is backed by Saudi Arabia’s Public Investment Fund, said it will accelerate around $350 million of planned investment to boost manufacturing.
The move comes as the US-based company recorded strong demand for its upcoming Lucid Air, which has already passed 10,000 paid reservations since its launch.
The investment will provide an additional 2.7 million square feet of manufacturing space by 2023, increasing Lucid Air production up to 53,000 vehicles per year.
It will also allow the next two phases of its Arizona facility expansion to be cut into a single phase, the company said in a statement.
“The updates from Lucid Motors today reinforce the strong interest and demand from consumers for electric vehicles that deliver new industry standards for efficiency and range,” Lucid Motors chief Peter Rawlinson said.
Lucid Motors is looking to launch its SUV, Lucid Gravity, by the second half of 2023.
“The company is choosing to accelerate plant capacity expansions and to build a dedicated Lucid Gravity general assembly line,” Rawlinson said.
