• Contact
Saturday, October 18, 2025
  • Login
The African Business - News About African business
  • Home
  • EconomyNew
    nigeria

    Nigeria in talks with China for $2bn loan for super grid

    REFINARIA de cabinda distição, Marcelo Hofke, CEO da Gemcorp Angola

    Newly Inaugurated Cabinda Refinery Awarded Downstream Operator of the Year in Luanda

    china

    Africa is becoming one of China’s favorite markets, and Trump may have helped

    Trending Tags

  • Business
    dhl

    DHL plans to invest €300m to expand logistics in Africa

    kenya airways

    Kenya Airways takes off on locally made jet biofuel in bid to attract green investment

    vodacom

    Africa’s second-largest telecom operator to invest $29 million in 5G expansion in South Africa

    multichoice

    French media giant Canal+ to list in South Africa after $3 billion MultiChoice takeover

    refinery

    Africa’s refining capacity expands as Uganda’s $4 billion oil refinery nears 2030 start

    dangote

    Dangote’s wealth rebounds to $29 billion despite domestic pressures, on cement and refinery growth

    Arthur Eze

    Nigerian billionaire to invest $800 million in four offshore oil blocks in Liberia

    elon musk

    Elon Musk is a step closer to becoming a trillionaire. Here’s a look at his rising wealth

    Multichoice logo on building 900x675

    South Africa’s MultiChoice set for new ownership as $3bn takeover deal gets green light

  • Finance
    Standard Bank

    South Africa banks curb lending over climate-related default risks, study finds

    Armando Jorge Mota

    Armando Jorge Mota Announced as New CEO of Sanlam Angola Seguros

    Nigeria asks banks to save forex gains amid currency risks

    Nigeria asks banks to save forex gains amid currency risks

    PayPal finally launches Apple Pay support for its credit and debit cards

    PayPal finally launches Apple Pay support for its credit and debit cards

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
  • Home
  • EconomyNew
    nigeria

    Nigeria in talks with China for $2bn loan for super grid

    REFINARIA de cabinda distição, Marcelo Hofke, CEO da Gemcorp Angola

    Newly Inaugurated Cabinda Refinery Awarded Downstream Operator of the Year in Luanda

    china

    Africa is becoming one of China’s favorite markets, and Trump may have helped

    Trending Tags

  • Business
    dhl

    DHL plans to invest €300m to expand logistics in Africa

    kenya airways

    Kenya Airways takes off on locally made jet biofuel in bid to attract green investment

    vodacom

    Africa’s second-largest telecom operator to invest $29 million in 5G expansion in South Africa

    multichoice

    French media giant Canal+ to list in South Africa after $3 billion MultiChoice takeover

    refinery

    Africa’s refining capacity expands as Uganda’s $4 billion oil refinery nears 2030 start

    dangote

    Dangote’s wealth rebounds to $29 billion despite domestic pressures, on cement and refinery growth

    Arthur Eze

    Nigerian billionaire to invest $800 million in four offshore oil blocks in Liberia

    elon musk

    Elon Musk is a step closer to becoming a trillionaire. Here’s a look at his rising wealth

    Multichoice logo on building 900x675

    South Africa’s MultiChoice set for new ownership as $3bn takeover deal gets green light

  • Finance
    Standard Bank

    South Africa banks curb lending over climate-related default risks, study finds

    Armando Jorge Mota

    Armando Jorge Mota Announced as New CEO of Sanlam Angola Seguros

    Nigeria asks banks to save forex gains amid currency risks

    Nigeria asks banks to save forex gains amid currency risks

    PayPal finally launches Apple Pay support for its credit and debit cards

    PayPal finally launches Apple Pay support for its credit and debit cards

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    TLG Capital launches ₦2.25B collateralized credit facility for OnePipe

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    Silicon Valley Bank: Global bank stocks slump despite Biden reassurances

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    [Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Digital banking revolution can help SA banks regain their customers’ love, says BCG

    Nigeria launches payments card program to rival Visa and Mastercard

    Nigeria launches payments card program to rival Visa and Mastercard

  • Opinion
  • Lifestyle
  • Sports
  • Green Economy
No Result
View All Result
The African Business - News About African business
No Result
View All Result
Home Business

Lucid to start deliveries of electric cars with range exceeding Tesla’s in October

TAB by TAB
11/10/2021
in Business
0
0
SHARES
8
VIEWS
Share on FacebookShare on Twitter

CASA GRANDE, Ariz., Sept 28 (Reuters) – U.S. startup Lucid Group Inc (LCID.O) said on Tuesday it will start delivering luxury electric sedans with a Tesla-beating driving range in late October, posing a major challenge to the market leader whose sales of premium models have stagnated.

The California-based Lucid began production of its long-delayed Lucid Air cars at its Arizona factory on Tuesday, and said it aims to ramp plant’s capacity up to 90,000 vehicles per annum in the next two years.

Related posts

dhl

DHL plans to invest €300m to expand logistics in Africa

16/10/2025
10
kenya airways

Kenya Airways takes off on locally made jet biofuel in bid to attract green investment

16/10/2025
3

The top-end Lucid Air Dream Edition will be available in late October, followed by less expensive models: Grand Touring, Touring and Air Pure. The company said it has received more than 13,000 reservations for Lucid Air models, and it has increased the planned total production of the Lucid Air Dream Edition to 520 vehicles.

A version of the Lucid Air Dream Edition, priced at $169,000, received an official U.S. government rating of a 520-mile (837 km) driving range, over 100 miles more than its closest rival, Tesla’s Model S, which is priced at $89,990. The higher range helped lead to a 23% jump in Lucid’s shares this month.

Speaking at the production site, Lucid Chief Executive Officer Peter Rawlinson, a former chief engineer on the Tesla Model S, said his company’s cars have an advantage in battery technology and costs over the Model S.

“We’ve ridden customers of the fear of range anxiety,” he said. “The next big obstacle is cost effectiveness of electric cars. We’ve got to get the cost down.”

He said the Air Pure, the least expensive version with a price tag of $77,400, will go into production late next year.

EXECUTION CHALLENGE

The company, founded in 2007, received funding from Saudi Arabia’s Public Investment Fund in 2018 before going public via a shell company in July.

“(20)17 and (20)18 were brutal. The company was in a parlous state. And then I’ve got to say, we met a perfect partner,” he said.

Rawlinson, who left Tesla in 2012, faces tasks similar to those of Tesla in its early days, including how to address manufacturing challenges and scale up production.

“I think the big challenge for Lucid will be execution,” said Sam Abuelsamid, a principal analyst at Guidehouse Insights. “I think that they have a very good car. It’s very attractive.”

Tesla CEO Elon Musk said in June that Tesla has canceled its plan to launch a Model S Plaid+, with a target driving range of 520 miles, saying the Model S Plaid itself is “just so good”.

Musk reiterated this month that “production is hard”.

“Production with positive cash flow is extremely hard,” he said, citing carmakers’ razor-thin margins.

Tesla’s combined sales of Model S and Model X luxury models stood at only 1,890 in the second quarter of this year, down from 22,300 during the same period three years ago. Tesla does not break out figures for the two high-end models.

“The Model S doesn’t look fundamentally different from a Model S nine years ago,” Abuelsamid said. “In the premium market, customers are looking for the latest and greatest.”

Musk in October 2020 cut the price of its Model S, shortly after Lucid announced the pricing of its base model. “The gauntlet has been thrown down! The prophecy will be fulfilled,” he tweeted at that time.

Electric vehicle maker Rivian, backed by Amazon.com Inc (AMZN.O) and now preparing for a public stock listing, earlier this month started production of electric pickup trucks. That move came ahead of similar expected moves by Tesla, General Motors Co (GM.N) and Ford Motor Co (F.N).

Source : https://www.reuters.com/business/autos-transportation/lucid-start-deliveries-electric-cars-with-range-exceeding-teslas-october-2021-09-28/

Previous Post

Airlines’ entry into Entebbe bound to spur growth of hub

Next Post

Samsung Electronics close to finalising $17 bln Texas chip plant -sources

Next Post

Samsung Electronics close to finalising $17 bln Texas chip plant -sources

RECOMMENDED NEWS

Real Madrid earns at least 57.4 million euros in the Champions League

Real Madrid earns at least 57.4 million euros in the Champions League

3 years ago
3
Botswana Ranked Africa’s Fifth Best Investment Address

Botswana Ranked Africa’s Fifth Best Investment Address

4 years ago
6
Senegal will recycle 200 tons of plastic

Senegal will recycle 200 tons of plastic

4 years ago
10
US Adds Most Power Generation in 21 Years as AI Demand Surges

China’s interests in Africa are being shaped by the race for renewable energy

1 year ago
3

BROWSE BY CATEGORIES

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Ads

Categories

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized
The African Business - News About African business

We bring you the best Premium news about African Business.

Follow us on social media:

Recent News

  • DHL plans to invest €300m to expand logistics in Africa
  • Kenya Airways takes off on locally made jet biofuel in bid to attract green investment
  • Africa’s second-largest telecom operator to invest $29 million in 5G expansion in South Africa

Category

  • Business
  • Economy
  • Finance
  • Green Economy
  • Lifestyle
  • Opinion
  • Sports
  • Uncategorized

Legal Information

Terms and Conditions
Privacy Policy
Complaints Book

  • Contact

© 2021 The African Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Business
  • Finance
  • Opinion
  • Lifestyle
  • Sports
  • Green Economy

© 2021 The African Business