By Gina Hall | Phoenix Business Journal
In an effort to challenge Tesla, much-smaller rival Lucid Motors is seeking funding to build a $700 million electric vehicle factory in Arizona.
The Menlo Park-based company is in the midst of its Series D round, Lucid Chief Technology Officer Peter Rawlinson, a Tesla veteran, told the Motley Fool. The company has already raised $131 million to date from backers, including the China Environmental Fund, Jafco Life Science, Mitsui & Co and Venrock.
“The manufacturing facility will have three phases, the first of which is expected to cost $240 million, Rawlinson said in the Motley Fool interview. “That should allow the company to ramp up to producing about 8,000 to 10,000 vehicles per year, with production commencing in 2019. Only after all three stages are completed (expected around 2022 if all goes well) will the total investment reach $700 million.”