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    • Electric car maker Lucid on track for 2022, 2023 output targets, CEO says

    Petro Canada's electric vehicle charging station is shown on display at the Canadian International Auto Show in Toronto on Thursday, February 14, 2019. THE CANADIAN PRESS/Christopher Katsarov Petro Canada's electric vehicle charging station is shown on display at the Canadian International Auto Show in Toronto on Thursday, February 14, 2019. THE CANADIAN PRESS/Christopher Katsarov
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    CASA GRANDE, Ariz. -

    Luxury electric car maker Lucid Group is on track to meet its production targets for 2022 and 2023 and is pushing to achieve this year's goal of 577 vehicles, its chief executive said.

    The California-based startup, which went public via a shell company this year, has secured the $4.4 billion it needed until the end of next year but would not wait until then to raise more cash, Peter Rawlinson told Reuters.

    "This is a capital intensive business," he said, adding that the company was on track to achieve its production target of 20,000 vehicles in 2022 and 50,000 in 2023.

    He said the latest funding "sees us through to the end of 2022. So it doesn't see us right through to project Gravity," a reference to the firm's electric sport utility vehicle planned for release in late 2023.

    "The balance sheet is okay till the end of next year. So we will not wait till the end of next year to raise money. That would be pretty crazy," he said.

    Lucid started production of its Lucid Air premium electric sedans at its Arizona factory on Tuesday, aiming to deliver the cars to customers in late October.

    Lucid shares were up 6.5 per cent in premarket trading on Wednesday.

    'FANTASY'

    He said there was an 鈥渦ndue fascination" with Tesla's new 4680 battery format, adding the current cells that helped Lucid achieve an industry-leading driving range showed more promise in the near term. Tesla has canceled its plan to launch its longest-range car Model S Plaid+ with its new batteries.

    Rawlinson said Tesla's bigger battery has a cost advantage, and has the opportunity to reduce internal resistance if it is incorporated with tabless architecture, a difficult technology.

    "People are thinking that 4680 is this huge leap that is gonna transform the electric car. I don't see that one. I think that is the fantasy," he said.

    He said Lucid would have a team looking at all these battery formats in due course.

    Tesla did not immediately responded to Reuters' request for comment.

    It was a "reasonable bet" that in a year's time, the industry's chip shortage would ease, Rawlinson said, echoing comments made by Tesla CEO Elon Musk, who said last week that new semiconductor plants being built would mean the shortage was short term.

    Rawlinson said the company was redesigning one printed circuit board to avoid any problems that could affect the supply of one chip in the medium term.

    "We are undertaking risk mitigation actions now," he said.

    (Reporting by Hyunjoo Jin, Additional reporting by Heekyong Yang and Medha Singh; Editing by Edmund Blair and Bernadette Baum)

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    • U.S. authorities earlier this year knew the whereabouts of a former Canadian Olympian who is now on the run for allegedly running a transnational drug trafficking ring and orchestrating murders in Ontario, according to Ontario court documents.

    • The Maritime Sikh Society says the body of a young employee who died at a Walmart in Halifax last weekend was found by her mother.

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    • A Toronto man who only recently checked a Lotto 6/49 lottery ticket he bought back in June is now $2.5 million richer.

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    Local Spotlight

    A new resident at a Manitoba animal rescue has waddled her way into people's hearts.

    Hundreds of people ran to the music of German composer and pianist Beethoven Wednesday night in a unique race in Halifax.

    He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.

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    Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.

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    • It's a dream for many Canadians, trying to save up enough money for a down payment on their very first home. That was also the dream for the Esmeralda family, a family of five with two dogs who currently live in a Scarborough apartment building.

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    • The Carolina Hurricanes handed the Calgary Flames their first loss in regulation this season with Thursday's 4-2 victory at the Saddledome.

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    • A pair of councillors in the RM of Springfield plan on bringing forward a motion to opt out of Plan 20-50 when they are first able to.

    • A Winnipeg teenager has been charged with multiple offences after a stolen car crashed in St. Boniface Thursday morning.

    • After two days of advance polls, more than 119,000 people have already cast a ballot in-person for the 2024 Saskatchewan election.

    • A man is dead and two other people were injured in a two vehicle collision north of Regina on Wednesday evening.

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    • Erick Buhr, the man on trial for second-degree murder in the death of his grandmother Viola Erb, took the stand Thursday to testify in his own defense.

    • One Ontario couple is taking a different approach to growing their family.

    • The Saskatchewan RCMP is calling off its dangerous persons alert after two people were arrested in the Tobin Lake area Thursday afternoon.

    • A former tire recycling company in Saskatoon is announcing additional layoffs months after a dispute with the provincial government.

    • Saskatoon police are investigating a series of suspicious fires that were lit in the Mayfair neighbourhood on Thursday morning.

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    • The Gathering Place board chair Peter Gregory is vowing to fight to keep the doors to the Cassells Street soup kitchen open after the District of Nipissing Social Services Administration Board denied their six-figure funding request.

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    N.L.

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