Lucid plans to enter European markets this year

$Lucid Group(LCID.US)$ 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. nPn7129FHa

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.