Lucid Motors aims to start production of electric vehicles in Arizona by 2020
Lucid Motors recently announced that production of vehicles in Casa Grande, Arizona will begin in 2020. The two-year time frame comes from the estimated time and cost it will take to begin producing the Lucid Air model at the Casa Grande facility.
In January 2017, the company announced plans to build a manufacturing plant in Casa Grande, supported by a supply chain that would run all the way down to Sonora, Mexico. The initial announcement came with a proposal of approximately 2,000 new jobs and a new curriculum for the Advanced Manufacturing Technology Program at Central Arizona College. However, since the announcement the company has seemed to have a difficult time securing financing.
The city was left in limbo for more than 18 months as Lucid sought to secure US$ 700 million in Series D funding.
The electric car manufacturer secured an extension on the option to buy the land needed for the factory in mid-April. Pinal County Manager Greg Stanley said the county would potentially be the buyer of the 500 acres Lucid has chosen for its factory and then lease it to developers short-term.
Series D funding comes after the previous phases of funding such as raising seed capital followed by Series A, B and C. Typically C is the final round, but for companies looking to raise more capital and gain more investors, another round of funding can be implemented.
City leaders say they’re still convinced the plant is moving forward and city leadership continues to be in regular contact with the company.
Richard Wilkie, director of economic development for the city of Casa Grande, said Lucid Motors’ facility would add to the city’s growing reputation.
He expressed Lucid Motors has been short on cash in the past, but delays have not negatively impacted the city financially.