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Lucid to start deliveries of electric cars with range exceeding Tesla’s in October

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CASA GRANDE, Ariz., Sept 28 (Reuters) – Lucid Group Inc mentioned on Tuesday it is going to begin delivering its luxurious electrical sedans with a Tesla-beating driving vary in late October, in a significant problem to the market chief whose gross sales of premium fashions have stagnated.

The California-based startup started manufacturing of its long-delayed Lucid Air automobiles at its Arizona manufacturing unit on Tuesday. The corporate, based in 2007, obtained funding from Saudi Arabia’s Public Funding Fund in 2018 earlier than in July.

Lucid Group’s CEO, Peter Rawlinson, who had overseen Tesla’s Mannequin S growth earlier than he left the corporate in 2012, faces duties just like these of Tesla in its early days, together with the best way to handle manufacturing challenges and scale up manufacturing.

“I feel the large problem for Lucid shall be execution,” mentioned Sam Abuelsamid, a principal analyst at Guidehouse Insights. “I feel that they’ve an excellent automotive. It’s extremely enticing,”

Lucid mentioned on Tuesday it has obtained greater than 13,000 reservations for Lucid Air fashions, whose value begins at $77,400. It additionally mentioned it has elevated the deliberate complete manufacturing of the top-end Lucid Air Dream Version to 520 automobiles. That automotive is priced at $169,000 and shall be obtainable in late October, adopted by inexpensive fashions: Grand Touring, Touring and Air Pure.

A model of the Dream Version has obtained an official authorities ranking of a 520-mile (837 km) vary, delivering greater than 100 miles of further vary over its closest rival, Tesla’s Mannequin S, which is priced at $89,990.

“The proprietary EV know-how that Lucid has developed will make it potential to journey extra miles utilizing much less battery power,” mentioned Rawlinson.

Lucid has not but disclosed the battery capability of the top-end model of Lucid Air, but it surely mentioned its Lucid Air Grand Touring model has an official EPA ranking of 516 miles of vary with a 112-kWh battery pack, giving it an industry-leading effectivity of 4.6 miles per kilowatt-hour.

Musk mentioned in June that Tesla has canceled its plan to launch a Mannequin S Plaid+, with a goal driving vary of 520 miles,

Tesla’s mixed gross sales of Mannequin S and Mannequin X luxurious fashions stood at just one,890 within the second quarter of this yr, down from 22,300 throughout the identical interval three years in the past. Tesla doesn’t get away figures for the 2 high-end fashions.

“The Mannequin S would not look essentially totally different from a Mannequin S 9 years in the past,” Abuelsamid mentioned. “Within the premium market, prospects are in search of the most recent and biggest.”

“What Lucid goes to probably have a bonus is the Air seems like a luxurious automotive, feels much more premium,” he mentioned.

Tesla CEO Elon Musk in October 2020 minimize the worth of its Mannequin S, shortly after Lucid introduced the pricing of its base mannequin. “The gauntlet has been thrown down! The prophecy shall be fulfilled,” he tweeted at the moment.

Musk reiterated this month that “manufacturing is tough.”

“Manufacturing with constructive money movement is extraordinarily arduous,” he mentioned, citing carmakers’ razor-thin margins.

Electrical automobile maker Rivian, backed by Amazon.com Inc and now making ready for a , earlier this month began manufacturing of . That transfer got here forward of comparable anticipated strikes by Tesla, Normal Motors Co and Ford Motor Co , that are all making ready to launch electrical pickup vehicles.

Reporting by Hyunjoo Jin in Casa Grande, Ariz.
Modifying by Matthew Lewis

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