Lucid plans to enter European markets this year

Lucid Motors (Nasdaq: LCID) begins trading today on the Nasdaq stock exchange in New York City

(Reuters) – Lucid Group said on Tuesday it would expand into European markets in 2022, as demand for electric vehicles soar after several countries pledged to end dependence on fossil fuels for mobility.

“Expansion to European markets will begin this year. Stay tuned for country-specific delivery information,” the California-based electric carmaker tweeted.

Reservations for the company’s Lucid Air luxury sedan rose to 13,000 in the third quarter ended Sept. 30, reflecting an order book of about $1.3 billion and since then rose to beyond 17,000 when the company reported quarterly results in mid-November.

Lucid had said that it saw significant demand for the car as it ramps up production at their factory in Arizona and was confident of achieving 20,000 units in 2022.

Chief Executive Officer Peter Rawlinson had said in October 2021 that the launch of the Lucid Air sedan was set to happen in the Middle East and Europe in 2022 and China in 2023.

Last month, the company received a subpoena from the U.S. securities regulator seeking documents related to an investigation into its blank-check deal.

(Reporting by Akash Sriram in Bengaluru; Editing by Shailesh Kuber)