Tesla’s rival expects to attract $700m investment

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Tesla’s rival expects to attract $700m investment
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Lucid Motors, an electric car company based in California, which engineers designed an electric sedan considered as a rival to Tesla Model S, plans to starts its serial production by 2019.

This will require large investments. According to Lucid Motors’ representatives, it has begun the first phase of the plant construction, which will produce a rival vehicle to Tesla Model S.

At this stage, the company will spend $240 million. It is assumed that the enterprise will annually produce 10,000 Air electric vehicles. In 2022, the factory is planned to reach a design capacity production – up to 130 000 sedans annually are expected to be manufactured.

The company believes that the implementation of a project for the creation of a full-fledged production of Air electric sedan will require about $700 million of investment.

The designers are confident in the market, as they already have positive feedback about the car. The developers promise that the new vehicle will not be inferior to Tesla Model S.