# Electric car maker Lucid on track for 2022, 2023 output targets, CEO says Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2021-09-29 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: Luxury Electric Car Manufacturer Lucid Group to Meet Meta Description: Lucid is pushing to meet production goals for 2022 and 2023. CEO confident in achieving 2021 target. Capital secured for future growth. URL: https://financedigest.com/electric-car-maker-lucid-on-track-for-2022-2023-output-targets-ceo-sayshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2021-09-29t101000z1lynxmpeh8s0jbrtroptp4lucid-group-electric-ceo-1736837736663-compressed.jpg) By Hyunjoo Jin CASA GRANDE, Ariz. (Reuters) -Luxury electric car maker Lucid Group is on track to meet its production targets for 2022 and 2023 and is pushing to achieve this year’s goal of 577 vehicles, its chief executive said. The California-based startup, which went public via a shell company this year, has secured the $4.4 billion it needed until the [end of next year but would not wait until then to raise](https://www.financedigest.com/graphic-chip-price-drop-raises-questions-on-whether-end-of-shortage-is-in-sight.html "Graphic chip price drop raises questions on whether end of shortage is in sight") more cash, Peter Rawlinson told Reuters. This is a capital intensive business,” he said, adding that the [company was on track to achieve its production target](https://www.financedigest.com/britain-toughens-up-diversity-targets-for-uk-companies.html "Britain toughens up diversity targets for UK companies") of 20,000 vehicles in 2022 and 50,000 in 2023. He said the latest funding [“sees us through to the end](https://www.financedigest.com/capgemini-comfortable-with-top-end-2022-targets-but-sees-demand-slowing.html "Capgemini ‘comfortable’ with top end 2022 targets but sees demand slowing") of 2022. So it doesn’t see us right through to project Gravity,” a reference to the firm’s [electric sport utility vehicle](https://www.financedigest.com/tax-credits-for-eu-electric-vehicles-to-dominate-mondays-trade-talks-with-u-s.html "Tax credits for EU electric vehicles to dominate Monday’s trade talks with U.S") planned for release in late 2023. The balance sheet is okay till the end of [next year](https://www.financedigest.com/start-up-etioca-eyes-nasdaq-listing-next-year-as-it-unveils-electric-taxi.html "Start-up Etioca eyes Nasdaq listing next year as it unveils electric taxi"). So we will not wait till the end of [next year to raise money](https://www.financedigest.com/6-tips-to-save-money-on-your-next-used-car-purchase.html "6 Tips to Save Money on Your Next Used Car Purchase"). That would be pretty crazy,” he said. Lucid started production of its Lucid Air premium electric sedans at its Arizona factory on Tuesday, aiming to deliver the cars to [customers in late](https://www.financedigest.com/why-late-payments-are-hurting-your-customer-as-well-as-your-business.html "Why late payments are hurting your customer, as well as your business") October. Lucid [shares were up 6.5% in premarket trading](https://www.financedigest.com/russian-central-bank-gives-legal-entities-green-light-to-trade-foreign-shares.html "Russian central bank gives legal entities green light to trade foreign shares") on Wednesday. ‘FANTASY’ He said there was an “undue fascination” with [Tesla’s new 4680 battery](https://www.financedigest.com/iron-man-elon-musk-places-his-tesla-battery-bets.html "Iron man Elon Musk places his Tesla battery bets") format, adding the current cells that helped Lucid achieve an industry-leading driving range showed more promise in the near term. Tesla has canceled its plan to launch its longest-range [car Model S Plaid+ with its new batteries](https://www.financedigest.com/scratched-ev-battery-your-insurer-may-have-to-junk-the-whole-car.html "Scratched EV battery? Your insurer may have to junk the whole car"). Rawlinson said [Tesla’s bigger battery](https://www.financedigest.com/tesla-tops-battery-electric-vehicle-registrations-in-germany-beating-volkswagen.html "Tesla tops battery-electric vehicle registrations in Germany, beating Volkswagen") has a cost advantage, and has the opportunity to reduce internal resistance if it is incorporated with tabless architecture, a difficult technology. People are thinking that 4680 is this huge leap that is gonna transform the [electric car](https://www.financedigest.com/stellantis-to-invest-130-million-euros-in-german-plant-for-new-opel-electric-car.html "Stellantis to invest 130 million euros in German plant for new Opel electric car"). I don’t see that one. I think that is the fantasy,” he said. He said Lucid would have a [team looking at all these battery](https://www.financedigest.com/italys-de-nora-teams-up-with-ges-on-hydrogen-battery-project.html "Italy’s De Nora teams up with GES on hydrogen battery project") formats in due course. Tesla did not immediately responded to Reuters’ request for comment. It was a “reasonable bet” that in a year’s time, the industry’s chip shortage would ease, Rawlinson said, echoing comments made by Tesla CEO [Elon Musk](https://www.financedigest.com/elon-musk-and-others-urge-ai-pause-citing-risks-to-society.html "Elon Musk and others urge AI pause, citing ‘risks to society’"), who said last week that new semiconductor plants being built would mean the shortage was short term. Rawlinson said the [company was redesigning one printed circuit board to avoid any problems that could affect](https://www.financedigest.com/factbox-companies-potentially-affected-by-italys-election.html "Factbox: Companies potentially affected by Italy’s election") the supply of one chip in the medium term. We are undertaking [risk mitigation](https://www.financedigest.com/how-wfo-can-help-mitigate-the-risk-of-illegal-staff-conduct.html "How WFO Can Help Mitigate the Risk of Illegal Staff Conduct") actions now,” he said. (Reporting by Hyunjoo Jin, Additional reporting by Heekyong Yang and Medha Singh; Editing by Edmund Blair and Bernadette Baum) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---