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Lucid Motors

After roughly five years of work, the Lucid Air is finally close to reaching customers' garages. Lucid Motors said it has started production of the luxury EV and expects to deliver the first Dream Edition models in late October. There will only be 520 Dream units (conveniently a match for the car's 520-mile estimated range). However, Lucid won't be hurting for early customers. Even if only some of the 13,000 reservation holders commit to a purchase, that's a significant volume for an upscale car from a relatively new brand.

Those numbers might climb. The fledgling automaker plans a rapid expansion that will add about 65 acres (2.85 million square feet) to its Casa Grande, Arizona factory. It may need the extra output, too. Lucid plans to mass-produce its first SUV, the Gravity, in 2023, and electric SUVs have lately been in high demand.

The Air starts at $77,400. In addition to its potentially Tesla-beating range, it promises rare perks like Dolby Atmos audio, very quick charging (20 minutes for 300 miles) and a 34-inch cockpit display.

There's no guarantee Lucid will succeed when competing against Tesla, Rivian and rapidly electrifying incumbent car brands. While its strategy is familiar to Tesla fans (its first truly large-scale EV was also a luxury sedan), Lucid is entering a much more established market with competitors that have ample resources and name recognition. With that said, just making it to production is notable feat. EV startups like Faraday Future and Lordstown Motors are still struggling to reach that point, giving Lucid a considerable lead over some of its key rivals.

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