Car bookings

Tesla’s rival Lucid plans to launch in Europe this year

People test drive Dream Edition P and Dream Edition R electric vehicles at the Lucid Motors plant in Casa Grande, Ariz. On September 28, 2021.

Caitlin O’Hara | Reuters

Electric vehicle maker Lucid plans to start selling its cars in Europe this year.

The California-based company, which competes with Tesla, announced the expansion on Tuesday after a A Twitter user asked if an image of some new Lucid owners was based in the UK

“The expansion to European markets will begin this year. Stay tuned for country specific delivery information, ”the cthe company tweeted in response.

Lucid did not immediately respond to a request from TBEN for more information.

Lucid’s first vehicle was called the Air sedan. It began shipping a $ 169,000 “Dream Edition” of the flagship car to customers in late October, after commercial production began a month earlier at a new plant in Casa Grande, Arizona. The car has a maximum range of 520 miles.

Like Tesla, Lucid is trying to develop autonomous driving technology that allows cars to be driven safely.

Axel Schmidt, who heads the auto industry at consulting firm Accenture, told TBEN on Wednesday that tech companies have “underestimated any challenges” when it comes to getting autonomous vehicles on the road.

He added that 60-70% of new cars will have “level 2” autonomous driving capabilities by 2030. This means the cars will help steer, stay on track and control speed, but they will will not be able to drive safely. themselves until they reach “level 5”.

European reservations

In January 2020, Lucid started taking Online reservations in 15 European countries for its flagship Lucid Air sedan, but the firm has not specified when the vehicles will be delivered.

The locations included Austria, Belgium, Denmark, Finland, France, Germany, Iceland, Italy, Monaco, the Netherlands, Norway, Spain, Sweden, Switzerland and the United Kingdom.

The company, founded in 2007 and led by former Tesla executive Peter Rawlinson, went public through a SPAC deal in July that valued it at around $ 24 billion.

This month, he told investors he plans to produce 20,000 Lucid Air sedans in 2022, generating more than $ 2.2 billion in revenue.

ford overtaking

Four months later, Lucid’s Ford’s market value topped $ 89.9 billion after executives told investors bookings for its first vehicles had jumped and its production plans for 2022 were still on track. At the time, it said it had more than 17,000 reservations for its Air sedan, up from 13,000 in the third quarter.

However, shares fell about 20% last month when Lucid disclosed a U.S. Securities and Exchange Commission investigation that could have made the company’s PSPC deal public.

Lucid said that while there is “no assurance as to the scope or outcome of this matter, the investigation appears to relate to the business combination” between the automaker and the blank check company Churchill Capital Corp. IV.

Today, Lucid is valued at around $ 65 billion, and its market cap is still much lower than that of Tesla, which reached over $ 1,000 billion last year. Rivian, an electric vehicle startup that went public in November, has a market cap of around $ 91 billion.

Additional reporting by Michael Wayland and Lora Kolodny of TBEN.