The company says it needs at least $240 million to start the first construction phase at its proposed Arizona factory.

Lucid Motors has completed a successful high-speed run with its all-electric Air sedan.

The startup recently customized one of its alpha prototypes to focus on high-performance trials, adding a roll cage for extra safety when evaluating at-the-limit driving characteristics.

The car was brought to the Transportation Research Center in East Liberty, Ohio, where it managed to reach a software-limited 217 mph (350 km/h) on a 7.5-mile oval test track.

"Real-world tests are an important part of the engineering process, allowing the team to correlate computer simulation models with real-world performance," Lucid says. "The collected data will now be used to finesse thermal and aero computer simulations and to make further performance improvements that will be tested later this year at higher speeds."

Like other prospective automakers, Lucid's biggest challenge is likely fundraising rather than engineering or testing. The company recently said it would need $700 million to build its proposed factory in Arizona, according to a Motley Fool report. The first phase, expected to cost $240 million, is claimed to enable low-volume production of up to 10,000 vehicles annually.

Lucid hopes to begin producing the Air next year, with prices starting at $60,000.