A California firm is investing nearly $700 million to build an auto manufacturing plant in Casa Grande and create more than 2,000 jobs.
Governor Doug Ducey's big announcement was made earlier this week, but it left out an important fact and it has to do with the money to build it. The plant is scheduled to open by 2022, but Lucid Motors still lacks the funds to cover the full cost of it. A company's spokesperson says the company's bank account only ranges "a few hundred" million dollars.
However, Lucid Motors is sure it can raise the rest of the money before they begin construction. The spokesperson announced the company is counting on profits from the first vehicles off the assembly line, which are scheduled to roll off in 2018. Something the Arizona Commerce Authority is not concerned about. In fact, they say they are happy that lucid motors currently has enough funding for the first phase of the project.
In addition, many are wondering if the money will come out of taxpayers' pockets, but the Arizona Commerce Authority says there is no risk.
Meanwhile, Lucid Motors is currently chasing new investors, most of which are Chinese.
Governor Doug Ducey is optimistic and believes the company will raise the money and open in time.