Tesla just got a new competitor.
Early next year, ground will be broken in Casa Grande, Arizona, for a $700 million factory set to produce a new line of electric vehicles developed by Lucid Motors. The California-based company plans to join a growing procession of manufacturers, from start-ups like Tesla to traditional auto companies like General Motors, betting millions of Americans will soon trade in their conventional, gas-powered cars and trucks for a new generation of battery cars.
More from NBC News:
End of the line: Death of the Chrysler 200 signals massive changes
Sleigh it ain't so: Domino's abandons delivery by reindeer
Here's how much the '12 Days of Christmas' gifts would cost
Whether that market will prove nearly as large and lucrative as they hope is far from certain, however. Pure battery-electric vehicles, or BEVs, currently account for barely 0.4 percent of U.S. new vehicle sales — even with subsidies and the strong support of the outgoing Obama Administration. Lucid and its competitors will now have to gain momentum under a new administration whose leader has publicly rejected the concept of global warming.