Tesla-rival Lucid set to ramp up production

Tesla-rival Lucid says it's begun production of its electric vehicles.

And claims they beat Elon Musk's offering on range.

The long-delayed Lucid Air model is now coming off the line at a factory in Arizona.

First customer deliveries should come in October.

The most expensive version has a U.S.government certified range of 520 miles.

That's over 100 more than any Tesla can offer.

The firm is backed by Saudi Arabia's Public Investment Fund.

And that should help it through the big task of ramping up output.

Musk has said that was one of the hardest challenges Tesla ever faced.

Lucid boss Peter Rawlinson says the firm has the money it needs, and is on track to hit a production target of 20,000 vehicles next year.

After that he says the big goal is to get prices down.

Its initial models cost about $169,000.

The company aims to have one priced closer to $77,000 from next year.

With Tesla's flagship Model S design now nine years old, analysts say premium car buyers may be hungry for something new.

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