Lucid Motors Sees Second-Half Production Start, Plant Expansion

Lucid Motors Sees Second-Half Production Start, Plant Expansion

(Bloomberg) -- Lucid Motors Inc., the Saudi-backed electric-vehicle startup waiting to go public via a blank-check company, remains on schedule to start production and deliveries of its debut electric vehicles this year.

The company has finished its preproduction phase after a series of delays, executives said on call with investors Tuesday, days ahead of a shareholder vote on its listing. Shares of the special purpose acquisition company that’s merging with Lucid, Churchill Capital Corp IV, rose as much as 2.3% in after-hours trading before paring their gains.

“The testing and validation of Lucid Air is progressing well,” Chief Executive Officer Peter Rawlinson said on the call. “It’s on track for the second half of 2021 start of production for customer deliveries.”