Lucid Motors Inc., the electric car startup recruited a team of Tesla Inc. veterans, coming up with a super impressive slick concept that ups the ante on performance. That’s an amazing turn of events for Lucid, however, they’ve got one little problem to fix before moving much further ahead with things. They’re going to need some serious money if they want to get off the ground with what they’ve been working on.

lucid

After unveiling their Air prototype in December last year, they announced they would like to start production on the all-electric luxury sedans by 2018. The date of that has been pushed back a bit, as Lucid would like to secure more in funding from its next series of financing. With this, they’d feel more confident about breaking ground in Arizona ultimately debuting the car sometime in 2019.

lucid

Lucid is hoping to secure Series D funding before they can make any crucial financial moves. They’re being justifiably cautious, as it would be pretty irresponsible to start building anything without having a “financial runway to execute that professionally and with absolute integrity,” said their Chief Technology Officer, Peter Rawlinson. Once funding is in place, Lucid can begin production after about 24 months. Unfortunately, with the extended timeline, they will have fall another year behind competitors, like Tesla.

lucid

Being that a vast majority of the team working on the project came from Tesla, Rawlinson isn’t worried about falling behind competition too much. As it is, if the Lucid Air were produced, it would start at $60,000, or $52,000 after federal tax credits. That base model would be able to drive 240 miles on a charge, with 400 horsepower. An even more luxurious, 1,000 horsepower version that can go 400 miles on a single charge would be much more expensive, likely close to $100,000.

Lucid seems to have a good plan for making their money in the long run, they just need to get started in order for things to take off in the way they want.

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