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  • Writer's pictureTim Jackson

Lucid Motors doing its part to revolutionize EVing

Updated: Nov 4, 2023

Electric Vehicle Industry Introduction: Lucid Motors, an electric vehicle (EV) startup, has gained significant attention and recognition for its innovative approach towards sustainable transportation. This essay aims to provide an in-depth analysis of Lucid, covering various aspects such as its founders, background, early and current investors, home office, factory locations, production timeline, dealership network, future models, pricing, profitability, and prospects for success.

Lucid Motors was founded in 2007 by Bernard Tse, Sam Weng, and Peter Rawlinson. Bernard Tse, a former Tesla executive, played a crucial role in the early development of Tesla's Roadster. Sam Weng is an entrepreneur with a background in technology startups who brought invaluable experience in managing high-growth companies.

Peter Rawlinson, the company's Chief Technology Officer, is an automotive industry veteran with extensive experience at Jaguar, Lotus, and Tesla.

Lucid received early capitol through its initial investors included Mitsui & Co., Venrock, and Tsing Capital. These investments allowed the company to advance its research and development efforts and move closer to its goal of producing high-performance electric vehicles. Lucid’s current investors include the Saudi Arabian Public Investment Fund and has become attractive to other investors.

In 2020, the company entered into a merger agreement with Churchill Capital Corp IV, a special purpose acquisition company (SPAC) led by Michael Klein. This merger transaction provided Lucid with approximately $4.4 billion in funding, enabling the company to accelerate its growth plans and expand its operations.

Lucid Motors is headquartered in Newark, California, and the company's home office serves as the central hub for its operations, research and development, and administrative functions. The first Lucid Motors factory, known as Lucid AMP-1 (Advanced Manufacturing Plant), is located in Casa Grande, Arizona. This state-of-the-art facility spans over one million square feet and is dedicated to the production of Lucid's flagship model, the Lucid Air.

In addition to the Casa Grande factory, Lucid has announced plans for a second manufacturing facility, Lucid AMP-2, set to be constructed in Saudi Arabia. The Saudi Arabian factory will cater to the growing demand for electric vehicles in the Middle East and other international markets.

The first Lucid cars to come off the assembly line hit that significant milestone on September 28, 2021, when the first Lucid Air luxury electric sedans rolling out at the Casa Grande factory. This achievement marked the beginning of Lucid's commercial production and symbolized the company's commitment to delivering high-quality electric vehicles to customers worldwide.

During visits to Phoenix in January of 2020 and again in January 2021, I was able to make quick road trips to Casa Grande to check on the progress of construction of the Lucid factory there. In January 2020 the construction had just started though you could tell where the factory would be built. At the time the building was already framed in and construction was under way. One year later, January 2021, I was back and able to see the completed Lucid factory. During the 2021 visit, I also drove a few miles out of the way to the east in order to go by Coolidge, Arizona, site of Nikola Truck’s first battery electric truck manufacturing and assembly plant.

In order to ensure a seamless customer experience, Lucid Motors adopted a direct-to-consumer sales model. As of now, the company operates about 40 factory-owned dealerships strategically located in key markets. The number of dealerships is expected to grow as Lucid expands its product line and market presence. Dealerships are concentrated in areas targeted for high demand for EVs with several each in California, Florida, New York, and Texas.

New Lucid models planned, in addition to the Lucid Air, include an electric SUV and a range of electric vehicles targeting different market segments. Having started production at the high end of the auto market, pricewise, Lucid plans to work down market toward more affordable market entry models. Yet, Lucid also aims to compete aggressively in the ultra-luxury electric vehicle segment, targeting customers who prioritize style, performance and sport.


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