Lucid Motors isn’t an unfamiliar name if you have been following the electric vehicle (EV) industry in the last decade. It’s a promising company that has been around since 2007. But why is it making headlines all of a sudden?
Lucid Motors’ new factory is coming up, it‘s going public, its new toys look great, and there’s more good news.
The Drover Rideshare blog lays them all bare for you. So, read on without further ado.
An Early Mover in the Game
Call it a result of climate change or technological advancements, electric vehicles (EVs) are becoming more relevant than ever.
Adopters like GM, Volkswagen, and exclusive EV automakers like Tesla, Rivian get praised for being early movers in the game. Lucid Motors becomes the club's latest entrant for its futuristic designs and its plan’s sheer scale.
Lucid Motors appears to be making all the right moves. Whether it gets the ‘pioneer’ tag or not, there are quite a few reasons to believe that it will break new ground.
The Wait is About to End
It’s been a long time coming, but we finally have a date now.
Nearly 14 years after setting up shop, Lucid Motors is ready to start production in spring ‘21. Its first EV is going to be the highly-anticipated Lucid Air. The vehicle will come in four variants - Pure, Touring, Grand touring, and Dream Edition - and boasts of the best-in-class features.
Planning to buy one of them? This slick-looking base version could set you back by nearly $80K. While the high-end Dream Edition is expected to cost a whopping $169K.
A Massive Factory in Arizona
They will begin their production activities at their gigantic facility in Arizona’s Casa Grande.
At the cost of $700 million, the 1-million sq ft manufacturing facility is designed to produce 30,000 vehicles per year. If Lucid successfully gets funds, we could see the production facility scale up to 90K cars a year by 2023.
The factory sits on a 590-acre piece of land that falls between Phoenix and Tucson. Surprisingly, only a quarter of the area is currently under use, with the rest earmarked for future expansion.
They may have a fully-functioning plant by 2028 that could churn out nearly 400,000 cars a year!
Tesla Has Some Competition Now
Driving range tests reveal that Air’s mileage is 20% more than the Model S.
The later models of the Lucid EV are said to beat Tesla in terms of horsepower. Model S didn’t have a viable market competitor for the longest time, but now Lucid’s Air is set to give Tesla a run for its money.
CEO Peter Rawlinson worked with Tesla as a VP for many years before getting a seat at Lucid’s helm. So, the company has a clear idea of what it takes to beat Elon Musk’s brainchild.
Bringing EVs and Luxury Together
The phrases ‘green culture’ and ‘luxury’ are rarely uttered in the same breath. The auto manufacturer is planning to change this trend with Lucid Motors Air.
Mercedes and BMW owners never found it lucrative to swap their cars for a Model S or a Porsche Taycan. Lucid solves this problem with an array of luxury variants in the Air series.
And that’s not all. Its first electric SUV - Lucid Gravity - is slated for a 2023 launch, and boy, does it look promising!
Blazing Charging Speeds
Thanks to Lucid Motors’ battery technology, it can boast of the best charging speeds in the industry today.
Its efficient batteries made history by sustaining an entire Formula-E race. Rawlinson achieved this by looking at ‘miles per hour' instead of focussing on the kilowatts. With Lucid now having racing experience, its batteries take care of cooling, horsepower, and weight.
A deal with Electrify America ensures that they can offer an extensive DC charging network to their patrons.
It’s Going Public Via SPAC
Another sustainable tech company hops on the SPAC bandwagon.
Michael Klein-backed CCIV agreed to take on Lucid Motors as a target and help it go public. The date is unknown, but Wall Street’s word is that the day is not far away.
Undoubtedly, it’s a significant confidence boost for the company’s stakeholders and employees. On the downside, this move has pushed Lucid’s timelines and launch plans.
A Valuation Higher Than Ferrari’s
It’s certainly hard to believe, but Lucid’s valuation might be higher than the legacy sportscar manufacturer Ferrari’s.
The EV maker hasn’t sold a single unit as of early 2021. Yet, its valuation is anywhere between $24 and $60 billion. While it does spark concerns of a bubble, we cannot overlook its potential. It’s worth mentioning that Ferrari manufactures 9,000 cars annually, while Lucid is gearing to manufacture three times more.
Additionally, Saudi Arabia’s crown prince has invested nearly $1 billion, joining a host of investors like Blackrock and Fidelity Management & Research.
With this kind of backing, Lucid Motors’s stock price could soon be hitting the daily limit-up levels in the market.
While 2020 wasn’t a great year for the auto industry, Lucid Motors managed to get quite a bit of work done. Only time will tell if it’ll be able to reap the benefits of its efforts and capture the lion’s share of the market.
Is there any other EV manufacturer you should know? Head to the Drover Rideshare blog and find out more about the Chinese EV giant NIO - here.
