Lucid Motors Still A Few Hundred Million Dollars Away From Promised Investment
Officials with Lucid Motors, the company planning a manufacturing plant in Casa Grande, say they still have a few hundred million dollars to raise before reaching their promised investment.
When Gov. Doug Ducey announced the deal to build the plant in Arizona, officials said the firm will invest $700 million in the project.
David Salguero, a spokesman with Lucid Motors wouldn’t confirm the exact size of their bank account but did say it was in the “few hundred million” dollar range, but he added, they’ve still got more rounds of fund raising ahead of them.
"So it'll be a combination of investment from existing investments, future investments, as well as revenue from the product," he explained.
State and county officials say they have taken steps to limit their financial exposure in the deal. A spokesperson with the Arizona Commerce Authority adds much of what the state promised the company is contingent on Lucid actually building the plant and hiring workers.