Lucid Plans To Quadruple The US Factory Or Build A Factory In China Around 2025

Peter Rawlinson, CEO of American electric vehicle startup Lucid Motors, said on Tuesday that the company has plans to build factories outside the United States, and the goal is to set up factories in China and the Middle East by the mid-2020s (Mid-decade).

Lucid’s flagship plant is located in Casa Grande, Arizona, USA. Commercial production started there in September and the first delivery began at the end of October. This is an important milestone for the company.

Rawlinson said: "In the middle of this decade, we also plan to establish factories in the Middle East and China."

The day before, Lucid released its first financial report after listing. Its stock price soared by nearly 24% on Tuesday, reaching a market value of 89.87 billion US dollars, surpassing Ford's 79 billion US dollars and closely following General Motors' 90.9 billion US dollars.

Lucid also confirmed its production plan for 2022 on Monday and is expected to produce 20,000 electric vehicles. Rawlinson said on Tuesday that at its current scale, the Arizona plant can produce 34,000 cars a year and will expand in the future.

He said: "We are going to quadruple the size of the Arizona plant. We are formulating a 2.85 million square foot expansion plan to produce 90,000 vehicles per year, and the base will be able to produce nearly 400,000 vehicles per year in the third phase. ."