Dive Brief:
- Electric vehicle startup Lucid Motors plans to expand its assembly plant in Casa Grande, Arizona, by about 3 million square feet, according to a company press release Wednesday.
- The expansion includes a new manufacturing facility, warehouse and vertically integrated stamping facility. The expanded plant will total more than 3.85 million square feet.
- Lucid said the expansion would allow it to produce its forthcoming Gravity SUV, which is scheduled to launch in late 2024 with a base price under $80,000.
Dive Insight:
Lucid is betting that its Gravity SUV will help the fledgling automaker rebound after a tumultuous year. The automaker sold about 6,000 vehicles and lost about 75% of its market value by the end of 2023. Its stock was trading below $3 per share as of Wednesday afternoon.
The company’s underwhelming performance led to the appointment of its first-ever COO in November, as the automaker lowered its full-year production guidance in the face of declining Air sales. In December, then-CFO Sherry House suddenly resigned days after Lucid was removed from the Nasdaq-100 Index.
Now, the EV startup hopes to put 2023’s woes behind it.
In a statement, Lucid CEO and CTO Peter Rawlinson said the expanded plant “is a significant milestone for the company, as we prepare for the next phase of Lucid’s growth.”
In addition to the new stamping facility, Lucid’s Advanced Manufacturing Plant will feature a new general assembly line, new quality and semi-knock-down centers, larger paint and body shops, a relocated and expanded powertrain facility, and a relocated logistics center.
“This expanded state-of-the-art plant will bring greater operational efficiency to our manufacturing process and allow us to continue to deliver our high-quality, groundbreaking electric vehicles to our customers,” said Steven David, senior vice president of operations at Lucid, in a statement.
