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Tesla rival Lucid plans to launch in Europe this year


At the Lucid Motors plant, Casa Grande, Arizona on September 28th, 2021, people test drove Dream Edition P or Dream Edition R electric cars.

Caitlin O’Hara | Reuters

Maker of electric vehicles LucidIt plans to begin selling cars in Europe by the end of this year.

The California-headquartered firm, which competes with TeslaAfter a Tuesday announcement by, the company announced its expansion. Twitter user askedIt would be great if some images of the new Lucid owners could be taken here.

This year, “Expansion to European Markets will start.” Keep checking for information about country-specific deliveries,” the company tweetedAs a response.

CNBC reached Lucid for further information but did not respond immediately.

Lucid’s very first car is called the Air sedan. It started delivering a $169,000 “Dream Edition” of the flagship car to customers in late October, following commercial production beginning a month earlier at a new factory in Casa Grande, Arizona. This car is the best in its class. range of 520 miles.

Lucid, like Tesla is working to create autonomous driving technology which allows its vehicles to drive safely by themselves.

Accenture’s Axel Schmidt is the head of the automobile sector. CNBC reported Wednesday that the tech industry has “underestimated all challenges” to getting autonomous vehicles onto the road.

By 2030, between 60% and 70% of new vehicles will possess “Level 2” autonomous driving abilities. The cars can assist in steering and maintaining control of speed, but will not be capable of driving safely until they attain “Level 5” autonomy.

European Reservations

Lucid began taking sex in January 2020 online reservationsLucidAir’s flagship sedan LucidAir will be available in 15 European nations, although the company hasn’t yet specified when these vehicles would arrive.

The locations were Austria, Belgium (Danemark), Finland, France and Germany; Iceland, Italy. Monaco. Spain. Sweden. Switzerland.

Peter Rawlinson was the founder of the company and former Tesla executive. In July, he went public with a SPAC transaction. valued it at around $24 billion.

Investors were informed that Lucid Air will produce more than 20,000 sedans in 2022. This is expected to generate over $2.2 billion in annual revenue.

Ford is overtaken

Lucid’s marriage was completed four months later. market value blew past Ford Executives told investors that the company had received more reservations than expected and that it was continuing to plan for production in 2022. The total amount raised by $89.9 billion. It said that it now has over 17,000 reservations for the Air sedan. This is an increase of 13,000 in the previous quarter.

However, shares tankedLast month, Lucid revealed that the U.S. Securities and Exchange Commission had launched a probe into Lucid’s SPAC agreement to be made public.

Lucid explained that, although “no assurance” can be given about the outcome of the case, it appears the investigation concerns the business combination between Churchill Capital Corp. IV. and automaker Churchill Capital Corp.

Lucid’s market capital is currently at $65 billion. It is far less than Tesla which surged to around $62 billion. to more than $1 trillion last year. RivianThe market capitalization of EV startup EVStart-up jumped to $91 billion in November.

Additional reporting by CNBC’s Michael Wayland, Lora Kolodny.