Active Stocks
Sat Mar 02 2024 12:49:58
  1. Tata Steel share price
  2. 155.15 3.43%
  1. HDFC Bank share price
  2. 1,430.35 -0.06%
  1. State Bank Of India share price
  2. 773.05 0.49%
  1. Tata Motors share price
  2. 988.40 1.15%
  1. Wipro share price
  2. 522.65 0.67%
Business News/ Auto News / Tesla-rival Lucid says its new electric sedan is first EV with 500-mile range
BackBack

Tesla-rival Lucid says its new electric sedan is first EV with 500-mile range

The Lucid Air has an estimated range of 517 miles (832 km), as verified in independent testing, Lucid saidTesla in June said its Model S Long Range Plus is the first vehicle to have an estimated driving range of more than 400 miles

This undated photo provided by Lucid Motors shows Lucid Air beta prototypes in California. After a three-month delay because of coronavirus stay-home orders, engineers at Lucid Motors' Silicon Valley headquarters have restarted testing on over 40 prototypes of the Air luxury electric car. (Lucid Motors via AP) (AP)Premium
This undated photo provided by Lucid Motors shows Lucid Air beta prototypes in California. After a three-month delay because of coronavirus stay-home orders, engineers at Lucid Motors' Silicon Valley headquarters have restarted testing on over 40 prototypes of the Air luxury electric car. (Lucid Motors via AP) (AP)

Electric vehicle startup Lucid Motors, which aims to begin selling its first luxury model, the Lucid Air, in early 2021, said on Tuesday that the new sedan is the first to achieve a 500-mile driving range.

The Lucid Air has an estimated range of 517 miles (832 km), as verified in independent testing, Lucid said.

Lucid Chief Executive Peter Rawlinson told Reuters the Air initially will be priced "well north of" $100,000 but said lower-priced versions would arrive later. The Tesla Model S sedan starts at around $75,000.

Tesla in June said its new Model S Long Range Plus is the first vehicle certified by the U.S. Environmental Protection Agency to have an estimated driving range of more than 400 miles.

The Lucid Air will be followed by an SUV, built in early 2023 on the same vehicle platform, said Rawlinson, who is the former chief engineer on the Model S, according to his LinkedIn profile.

Lucid is based in Newark, California, on the southeastern side of Silicon Valley, not far from Tesla's Fremont factory.

Lucid was founded in 2007 as Atieva Inc by former Tesla executive Bernard Tse and entrepreneur Sam Weng.

It was funded initially by Chinese and Silicon Valley venture investors, with additional funding from state-owned Chinese auto maker BAIC Motor and LeEco, a Chinese technology company controlled by the founder of another electric vehicle startup, Faraday Future, according to investor website PitchBook.

To help fund construction of a U.S. assembly plant in Casa Grande, Arizona, Lucid was boosted by a $1 billion investment in September 2018 by Saudi Arabia's Public Investment Fund.

The plant initially will have an annual capacity of 34,000 vehicles, building toward 360,000 about seven years later, Rawlinson said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Auto News and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 11 Aug 2020, 07:09 PM IST
Next Story footLogo
Recommended For You
Petrochemical Stocks
₹8,0390.09%
₹4,504.41.52%
₹1,972.65-0.59%
₹11,608.05-0.41%
₹977.21.15%
Switch to the Mint app for fast and personalized news - Get App