Lucid Motors delays electric vehicle production

Arrival of the first vehicle from the high-profile, soon-to-be public EV startup Lucid Motors will take longer than the company planned.

Driving the news: Lucid CEO Peter Rawlinson said in an open letter that COVID-19 is forcing a delay in production of the luxury Lucid Air sedan.

• "From testing activities to supplier availability to preparing for sales and service, COVID-19 has affected all workstreams," he said of the delay, which was also acknowledged in a Bloomberg interview this week.
• He said that despite progress, "we won’t be able to start delivering Lucid Air this spring at the level of quality we insist on providing."
• The company hopes to start production from its Arizona factory "as early as we can in the second half of 2021."

Why it matters: The Financial Times puts it well, noting the delay "highlighted, for anyone perhaps unfamiliar with Tesla’s own meandering journey to profitability, how timelines can slip in the electric-car business."

Yes, but: "Tesla rival" is a term thrown around too much, but Lucid does appear well-poised to make inroads in the EV market.

• It's well-capitalized with backing from Saudi Arabia's sovereign wealth fund and the Air boasts some impressive specs, notably a 500-plus mile range.