Electrical motor vehicle startup Lucid Motors, which aims to start offering its very first luxurious model, the Lucid Air, in early 2021, claimed Tuesday that the new sedan is the very first to realize a 500-mile driving array.

The Lucid Air has an estimated array of 517 miles (832 km), as confirmed in unbiased screening, Lucid claimed.

Lucid CEO Peter Rawlinson instructed Reuters the Air in the beginning will be priced “perfectly north of” $100,000 but claimed reduced-priced variations would get there later on. The Tesla Design S sedan commences at around $seventy five,000.

Tesla in June claimed the new Design S Extended Assortment Plus is the very first motor vehicle licensed by the EPA to have an estimated driving array of additional than 400 miles.

The Lucid Air will be adopted by a crossover, designed in early 2023 on the exact same motor vehicle platform, claimed Rawlinson, who is the previous chief engineer on the Design S, in accordance to his LinkedIn profile.

Lucid is centered in Newark, Calif., on the southeastern facet of Silicon Valley, not significantly from Tesla’s Fremont factory.

Lucid was established in 2007 as Atieva Inc. by previous Tesla government Bernard Tse and entrepreneur Sam Weng.

It was funded in the beginning by Chinese and Silicon Valley enterprise traders, with more funding from state-owned Chinese car maker BAIC Motor and LeEco, a Chinese technologies firm managed by the founder of an additional electrical motor vehicle startup, Faraday Potential, in accordance to trader website PitchBook.

To aid fund building of a U.S. assembly plant in Casa Grande, Ariz., Lucid was boosted by a $1 billion investment decision in September 2018 by Saudi Arabia’s Public Expense Fund.

The plant in the beginning will have an annual capability of 34,000 cars, setting up toward 360,000 about seven decades later on, Rawlinson claimed.