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Lucid Motors looking for funding to build $700 million factory in Casa Grande

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PHOENIX — It was announced in November that a Tesla rival is going to bring a new high-tech factory and thousands of jobs to Arizona.

Lucid Motors will build a $700 million factory in Casa Grande, which is supposedly going to open up about 2,000 jobs.

According to the Phoenix Business Journal, Lucid Motors is looking for funding to help out with the costs.

Lucid Chief Technology Officer Peter Rawlinson told the Motley Fool that $131 million has already been raised. He also said that the manufacturing facility will have three phases, and after the first phase is complete, the company will be able to produce up to 10,000 vehicles per year.

Backers, including the China Environmental Fund, Jafco Life Science, Mitsui & Co and Venrock have raised the $131 million, according to the Journal.

One car that will become popular in production is the Air. The upgraded version will boast a 315-mile range, 1,000 horsepower and a panoramic sunroof.

The base model will sell for a little more than $52,000, while the upgraded Air will be up for about $100,000.

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