Lucid Motors CEO Targets 577 Electric Cars For 2021, Won’t Commit To 20,000 Target For 2022

Lucid Motors (NYSE: CCIV) CEO Peter Rawlinson announced in a recent CNBC interview that the company is currently targeting production of over 577 of the Lucid Air electric vehicle models for 2021. This, as per the CEO, leaves the company “on track” for their plan.

When asked about targeting 20,000 vehicles for 2022, Rawlinson instead shared that the company sees “significant growth” next year but remained noncommittal to a target number.

Lucid Motors is planning to go public through SPAC Churchill Capital IV (NYSE: CCIV), which dropped by 4% Tuesday following the comments. It is also down nearly 70% from its 52-week highs of US$64.86 at the NYSE.

Lucid Motors also unveiled a new commercial of its Lucid Air electric vehicle this past weekend. The ad first aired in the middle of the Saturday Night Live episode that featured rival Tesla’s CEO Elon Musk as the guest host. Monday saw declines in stocks across the electric vehicle industry following the episode, with the slide impacting Tesla, whom saw a 6.44% drop, as well as Chinese automakers Nio and XPeng whom saw 7.09% and 4.64% drops, respectively.

The California-based electric automaker said in March that its luxury electric vehicle model is almost fully reserved.

Information for this briefing was found via the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply