Lucid Group, Inc.
FormerlyAtieva, Inc.
TypePublic
ISINUS5494981039
IndustryAutomotive
Founded2007 (2007)
Founders
  • Bernard Tse
  • Sam Weng
  • Sheaupyng Lin
HeadquartersNewark, California, U.S.
Key people
Production output
7,180 (2022)
RevenueIncrease US$608.2 million (2022)
Increase −US$2.59 billion (2022)
Decrease −US$1.30 billion (2022)
Total assetsDecrease US$7.88 billion (2022)
Total equityIncrease US$4.35 billion (2022)
OwnerPublic Investment Fund (61.1%)
Number of employees
c. 7,200 (2022)
Websitewww.lucidmotors.com
Footnotes / references
[1][2][3]

Lucid Group, Inc. is an American manufacturer of electric luxury sports cars and grand tourers headquartered in Newark, California.[4] Lucid vehicles are designed in California and manufactured at Lucid's factory in Arizona. The company was founded in 2007.[5] Since April 2019, Lucid has been majority-owned by Public Investment Fund, the sovereign wealth fund of Saudi Arabia.[6]

The first Lucid vehicle, the Lucid Air, is offered in several trim levels, including the Lucid Air Pure. Other Lucid Air trim levels include the Lucid Air Touring and Grand Touring models, the latter available in Performance equipment level as well. The company's second model, the Lucid Gravity SUV EV is scheduled to launch in 2024.

History

Lucid was founded in 2007 under the name Atieva by former Tesla Motors Vice President Bernard Tse, co-founder of Astoria Networks Sam Weng, and inventor Sheaupyng Lin. The company was originally focused on building electric vehicle batteries and powertrains for other vehicle manufacturers.[7][8]

Lucid's CEO and CTO, Peter Rawlinson, formerly served as vice president of engineering and chief engineer of the Model S at Tesla, Inc.,[4] and Vice President Derek Jenkins previously worked as head of design at Mazda North American Operations.[9] The company has received investments from Tsing Capital, Mitsui, Venrock, JAFCO, and others.[9][10]

Atieva was rebranded as Lucid Motors in October 2016 and officially announced its intent to develop an all-electric, high-performance luxury vehicle.[7]

On November 29, 2016, state and company officials announced the planned construction of Lucid's US$700 million manufacturing plant in Casa Grande, Arizona, which was projected to employ up to 2,000 workers by the mid-2020s,[11][12][13] initially building 20,000 cars and expanding to 130,000 cars per year. The factory was then to be redesigned to support a maximum capacity of 380,000 cars per year.[14] As of November 2016, the company had planned to break ground in 2017, and have cars in production by early 2019.[15] The first vehicles rolled off the assembly line on September 28, 2021.[16]

On September 17, 2018, Lucid Motors announced talks with the Public Investment Fund, which is the Saudi Arabian sovereign investment fund, for funding valued at over US$1 billion.[17][18] The investment was completed in April 2019.[19] The investment would fund the final engineering and testing of the Lucid Air model, the first-phase construction of its manufacturing plant in Casa Grande, Arizona,[18] the commercial production of the Lucid Air, and Lucid's worldwide retail strategy, beginning in North America.[17][18][20] Construction of the plant began in late 2019, and the first phase was completed in December 2020.[21][22] The second phase construction is ongoing and will increase production capacity from 34,000 to 90,000 vehicles a year. The completed factory (four phases) will have a combined manufacturing capacity of about 400,000 cars per year.[23]

In February 2021, Lucid Motors announced a deal valued at US$11.75 billion to merge with Churchill Capital Corp IV, a publicly traded special-purpose acquisition company (SPAC).[24] Rawlinson announced Lucid's intention to produce its Project Gravity SUV by 2023, then offer a competitor to Tesla's Model 3 by 2024 or 2025.[25][26]

In July 2021, The Wall Street Journal reported that the Public Investment Fund will own over 60 percent of Lucid when the company goes public.[27] The fund will record a profit of nearly US$20 billion from its 2018 investment.[27]

Lucid began building its first all-electric Lucid Air sedans in Arizona in September 2021, with deliveries beginning in late October.[28] Lucid produced 7,180 vehicles in 2022[29] after lowering its 2022 production outlook from 20,000 vehicles to 12,000–14,000 vehicles on February 28, 2022, citing supply chain issues,[30][31] and again to 6,000–7,000 vehicles when it released its Q2 financial results on August 3, 2022[32][33]

In June 2023, Aston Martin signed an agreement with Lucid to help supply electric motors, powertrains, and battery systems for Aston Martin's upcoming range of fully electric cars. In return, Aston Martin will make cash payments and issue a 3.7 percent stake in its company to Lucid, worth $232 million in total.[34][35]

Vehicles

Lucid mainly developed battery technology in its early years, but began development of its first car in 2014.[10]

Development prototype

The company initially used a Mercedes Metris van named "Edna", to develop the powertrain.[10][36]

Lucid Air

Lucid Air
Electric Drive Unit and the Lucid Air Battery.

A prototype of the Lucid Air fully electric car was unveiled in December 2016. Lucid Air production was expected to start in spring 2021.[37] In November 2020, The Lucid Air Pure was announced with 406 mi (653 km) of projected range and 480 hp (360 kW) and a starting price of US$77,400. The full range of models includes Lucid Air Touring, Grand Touring, and Dream Edition versions. The top spec cars have an output of over 1,000 hp (750 kW).[38]

On September 16, 2020, the US Environmental Protection Agency (EPA) rated the range of the Lucid Air to be 520 mi (840 km) on a single charge.[39][40]

Lucid has agreed with Mobileye to use their EyeQ4 chips and eight cameras for driver assist features,[41] and will make the car "autonomous ready".[42] The 4-door sedan is able to reach a software-limited top speed of 217 mph (349 km/h).[43] In July 2017, while running on the high-speed track at the Transportation Research Center in Ohio, a special version of the car (with the speed limiter disabled via software and other modifications) hit 235 mph (378 km/h).[43]

Lucid is collaborating with Amazon to include Amazon's Alexa voice assistant, allowing drivers to use the voice assistant for navigation, phone calls, media streaming, smart home control, and other activities while driving.[44]

The infotainment system is based on Android Automotive.[45]

A Lucid Air is used by the character of Samantha Margolis in several episodes of season four of the Amazon Studios TV series Goliath.[46]

In September 2021, Lucid released the EPA estimated range for both the Dream Edition Air and Air Grand Touring; the Dream Air had a range of 520 miles on a single charge while the Grand Touring offered 516 miles, making the Dream the longest range of any EV rated by the EPA and the Grand Touring the first to top 400 miles in a test drive.[47][48]

Lucid Motors unveiled its 2022 Lucid Air Grand Touring model in November 2021. This version of the Air Grand Touring is powered by two electric motors that have a combined 819 hp (611 kW) and 885 lb⋅ft (1,200 N⋅m) of torque.[48][49]

On May 5, 2022, Lucid announced that it was raising prices of the variants of its luxury Air sedan, beginning June 1, 2022. The price hikes were expected to push the base price of the Air sedan up as much as 13%.[50]

Lucid Air was named Motor Trend’s 2022 Car of the Year, being the first time a brand new car model won the award.[51]

In April 2023, the company began delivering a blacked-out or dark-trimmed 'Stealth' Air to customers, following its introduction in August.[52] Also in April 2023, Lucid Air won the 2023 World Luxury Car of the Year award.[53][54]

Lucid Gravity

Lucid Gravity
Overview
TypeSUV
Production2024 (upcoming)
Model years2025—
Body and chassis
ClassSUV
LayoutFront-engine SUV
Doors4
RelatedLucid Air
Powertrain
Power output480–1080 hp
Electric rangeUp to 440 mi (708 km)

Lucid teased an electric SUV concept in September 2020 called Project Gravity with only a brief image and short video segment.[37]: 43:38–44:25  Additional details were found in the patents that Lucid filed for the Gravity. The patents show that the Gravity features sleek headlamps similar to those of the Lucid Air as well as a visibly short hood and a large windscreen. In addition, the patents show that the side of the vehicle has a horizontal beltline as well as a sleek, wide windows, and quarter glass panels.[55]

On November 16, 2023, the vehicle was officially unveiled at the 2023 Los Angeles Auto Show, with an anticipated delivery date of late 2024 for the 2025 model year. The SUV will feature a 440 mile range via a dual motor electric powertrain and a 0-60 time of 3.5 seconds, with a starting price under $80,000.[56]

Batteries

The Lucid Air was planned as of 2020 to debut with a 900V+ electrical architecture, and custom lithium-ion battery cells.[57] It was planned to use the 2170[9] standard for the cells,[58] and, by 2019, supply agreements were signed with both Samsung SDI[59] and LG Chem.[60]

Lucid supplied battery packs for the Gen2 Formula E race cars from the 2018-2019 season[61] through the 2021-2022 season,[4][62] in collaboration with McLaren Applied Technologies and Sony.[63][64] The Formula E specification[65] called for a battery weight of 250 kg (550 lb), 54 kWh energy, and peak power of up to 250 kW.[66]

Charging

Lucid Motors partnered with Electrify America in 2019 to use their nationwide charging network as an option for recharging Lucid's electric vehicles on the road.[67][68] The Lucid Air is able to add up to 300 miles (480 km) in 20 minutes when using the station's 350 kW charging capability, where that capability is available in EA charging stations.[69]

Manufacturing facilities

In December 2019, Lucid broke ground on a factory in Casa Grande, Arizona, the first greenfield facility for EV manufacturing in the United States.[70] On December 1, 2020, Lucid completed factory construction, dubbed AMP-1, and "aims to ramp up to 400,000 electric cars per year."[71]

The US$700 million facility was expected to begin producing the Lucid Air by spring 2021. The initial phase includes an initial 999,000 square feet (92,800 m2). Phase 2 of construction was expected to begin in early 2021. The land upon which this facility is built is owned by Pinal County, Arizona, who leases the 500-acre (200 ha) plot to Lucid. The land was bought by Pinal County for $29.94 million, which was financed by issuing bonds.[72]

On February 28, 2022, Lucid announced a long-term plan to build a new manufacturing plant in Saudi Arabia with the capability of producing 150,000 vehicles per year. Lucid has partnered with the Ministry of Investment of Saudi Arabia (MISA), The Saudi Industrial Development Fund (SIDF), and the King Abdullah Economic City (KAEC).[73]

Saudi Arabia investment

The Saudi Arabian government announced on April 27, 2022, that it plans to buy at least 50,000 and possibly up to 100,000 electric vehicles from Lucid Motors over the course of a decade.[74] The purchase is part of the government's effort to reduce its reliance on oil. The government selected Lucid Motors because the company is building its first international manufacturing plant in Saudi Arabia, with a goal of producing 150,000 cars annually.[75]

See also

References

  1. ↑ "Lucid Group, Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 28, 2023.
  2. ↑ "Lucid Group, Inc. 2022 Proxy Statement (Form DEF 14A)". U.S. Securities and Exchange Commission. April 28, 2022.
  3. ↑ Rosevear, John (January 12, 2023). "Electric luxury-car maker Lucid produced more vehicles in 2022 than expected". CNBC.
  4. 1 2 3 "Atieva will launch its Tesla competitor by December". Recode. October 20, 2016. Retrieved October 21, 2016. the factory will be built in Casa Grande, which happens to be one of the locations [for] Gigafactory to produce battery packs for Tesla vehicles. That facility ended up in Nevada. "Arizona is not going to want to lose out a second time"
  5. ↑ "On the Move: Lucid's New California Headquarters". Lucid. Lucid Motors Inc. Archived from the original on January 3, 2018. Retrieved January 3, 2018.
  6. ↑ Eric C. Evarts. "Lucid Motors gets real as Saudi funding comes through". Green Car Reports. Retrieved October 7, 2019.
  7. 1 2 Kirsten Korosec. "EV startup Lucid Motors snaps up Tesla's former production executive". Tech Crunch. Retrieved October 7, 2019.
  8. ↑ Wulandari, Fitri. "Lucid Group shareholders: Who owns the most LCID stock?". Retrieved June 2, 2023.
  9. 1 2 3 "Preview: Lucid Motors Prototype Sedan". Motor Trend. November 3, 2016. Retrieved November 4, 2016.
  10. 1 2 3 Halvorson, Bengt (October 27, 2016). "Tesla Owners, Will Lucid Make Your Next Electric Car?". Car and Driver. Retrieved November 8, 2016.
  11. ↑ FOX. "Electric car factory planned in Arizona to have 2,000 workers". Archived from the original on August 13, 2017. Retrieved November 30, 2016.
  12. ↑ "Lucid Motors Has A 1000HP Tesla Challenger; Now To Find The Cash To Build It". Forbes. November 29, 2016. Retrieved November 30, 2016.
  13. ↑ Ronald J. Hansen and Yvonne Wingett Sanchez (November 30, 2016). "Tesla rival Lucid Motors plans Casa Grande plant". azcentral, The Republic. Retrieved November 30, 2016.
  14. ↑ "Electric Cars Are About to Start Rolling Out of the Arizona Desert". www.bloomberg.com. May 22, 2020.
  15. ↑ "Casa Grande preparing for Lucid's high-dollar Arizona car factory". AZ Central. February 19, 2019. Retrieved May 10, 2019.
  16. ↑ Wiles, Russ (September 28, 2021). "First Lucid Group luxury electric cars roll off production line at Casa Grande factory". Arizona Republic. Retrieved September 30, 2021.
  17. 1 2 "Lucid Signs $1bn+ Investment Agreement with Public Investment Fund of Saudi Arabia". Lucid Motors. September 17, 2017. Retrieved October 20, 2018.
  18. 1 2 3 Jhaveri, Aakash (September 17, 2018). "Lucid Motors signs investment agreement with PIF, valued at over a billion dollars". Retrieved October 20, 2018.
  19. ↑ Eric C. Evarts. "Lucid Motors gets real as Saudi funding comes through". Green Car Reports. Retrieved October 7, 2019.
  20. ↑ Kirsten Korosec. "EV startup Lucid Motors snaps up Tesla's former production executive". Tech Crunch. Retrieved October 7, 2019.
  21. ↑ "Lucid Motors Begins Construction Of Arizona Factory". CleanTechnica. December 3, 2019.
  22. ↑ J. Hawkins, Andrew (December 1, 2020). "Lucid Motors finishes the first phase of its $700 million EV factory in Arizona". The Verge. Retrieved February 22, 2021.
  23. ↑ Evers, Andrew (February 12, 2021). "First look inside Lucid Motors' new factory in Casa Grande, Arizona". CNBC. Retrieved February 22, 2021.
  24. ↑ "Lucid Motors to Go Public in Merger with Churchill Capital Corp IV, Bolstering Lucid's Vision to Redefine Luxury, Performance and Efficiency in the Sustainable Electric Vehicle Market". Lucid Motors. February 22, 2021. Retrieved February 22, 2021.
  25. ↑ "Lucid Motors CEO aims to launch Tesla Model 3 rival in 2024 or 2025". www.msn.com. Retrieved February 24, 2021.
  26. ↑ "Lucid Aims To Unveil Tesla Model 3 Rival By 2025: CEO". finance.yahoo.com. February 24, 2021. Retrieved February 24, 2021.
  27. 1 2 Brown, Eliot (July 19, 2021). "The $20 Billion Winner of the American EV Startup Boom: Saudi Arabia". Wall Street Journal. ISSN 0099-9660. Retrieved July 19, 2021.
  28. ↑ Foldy, Ben (November 1, 2021). "EV Startups Lucid and Rivian Deliver First Models to Customers". Wall Street Journal. ISSN 0099-9660. Retrieved November 1, 2021.
  29. ↑ ,Root, Al (January 12, 2023). "Lucid's Production Jumps Over a Lowered Bar. The Stock Is Rising". Barrons. Retrieved January 23, 2023.
  30. ↑ Naranan, Aparna (March 1, 2022). "Tesla Rival Slashes 2022 Production Outlook; Lucid Stock Tumbles". Investor's Business Daily. Retrieved March 2, 2022.
  31. ↑ Westbrook, Justin (March 1, 2022). "Lucid Air Production Estimates Deflated by Supply Chain Woes". Motor Trend. Retrieved March 2, 2022.
  32. ↑ "Lucid Announces Second Quarter 2022 Financial Results, Reports Strong Demand While Lowering Production Guidance for the Year" (Press release). Newark, California: Lucid Motors. August 3, 2022. Retrieved January 23, 2023.
  33. ↑ Ramey, Jay (August 4, 2022). "Lucid Motors Cuts 2022 Production Forecast Again". Autoweek. Retrieved January 23, 2023.
  34. ↑ Valdes-Dapena, Peter (June 26, 2023). "Aston Martin strikes deal with California-based Lucid to help make EVs". CNN Business.
  35. ↑ Carey, Nick; Koilparambil, Aby Jose (June 26, 2023). "Aston Martin turns to US EV company Lucid for high-tech help". Reuters.
  36. ↑ "Introducing Edna". Lucid Motors.
  37. 1 2 "Dream Ahead". YouTube. September 9, 2020. Retrieved September 9, 2020.
  38. ↑ Baldwin, Roberto (November 25, 2020). "2022 Lucid Air Pure, Base Model of the New EV, to Start at $77,400". Car and Driver. Retrieved December 25, 2020.
  39. ↑ Wayland, Michael (August 11, 2020). "Lucid challenges Tesla with a luxury EV sedan that has a record 517 mi (832 km) of range per charge". CNBC. Retrieved August 12, 2020.
  40. ↑ "2022 Mod Year Vehicles (Preliminary)" (PDF). fueleconomy.gov.
  41. ↑ Lambert, Fred (January 2, 2017). "Lucid Motors' autonomous tech in its all-electric sedan will be powered by Tesla's former partner Mobileye". Electrek.co. Retrieved January 2, 2017.
  42. ↑ Johnson, Davey G. "Rarefied Air: Lucid's New Car Just Might Be the Real Deal". Car and Driver. Retrieved October 7, 2019.
  43. 1 2 "Testing Without Limits: Lucid Air Hits 235 mph". LucidMotors.com. July 10, 2017. Retrieved August 19, 2020.
  44. ↑ White, Jeremy (September 9, 2020). "Lucid Air is a 500-mile range Tesla rival that charges in just minutes". Wired UK. ISSN 1357-0978. Retrieved September 15, 2020.
  45. ↑ Korosec, Kirsten (May 27, 2021). "Lucid Motors reveals all the tech inside its all-electric Air sedan". TechCrunch.com. Retrieved July 27, 2021.
  46. ↑ Leung, Yasmine (September 25, 2021). "What is the car in Goliath season 4? Meet the Lucid Air car". HITC.com. Retrieved September 25, 2021.
  47. ↑ Scooter Doll (September 16, 2021). "Lucid shares EPA range for Air models including 520 miles on the Dream Edition Range". Electrek.
  48. 1 2 Dorian, Drew (July 18, 2022). "Tested: 2022 Lucid Air Grand Touring Dazzles with Clever Design and Inspired Engineering". Car and Driver.
  49. ↑ Seabaugh, Christian (November 5, 2021). "2022 Lucid Air Grand Touring First Test: An Impressive Rethink of the Luxury Sedan". Motor Trend.
  50. ↑ "Lucid is raising prices on its luxury Air EV". TechCrunch. May 5, 2022. Retrieved May 6, 2022.
  51. ↑ Markus, Frank (November 15, 2021). "The Lucid Air Is the 2022 Motor Trend Car of the Year". Motor Trend.
  52. ↑ Shakir, Umar (April 20, 2023). "Lucid is now delivering its blacked-out "stealth" Air sedans to customers". The Verge. Retrieved April 21, 2023.
  53. ↑ "World Car of the Year Awards name best cars in six categories". New Atlas. April 6, 2023. Retrieved September 12, 2023.
  54. ↑ "Lucid Air scoops 2023 World Luxury Car of the Year prize". Euronews. April 13, 2023. Retrieved September 12, 2023.
  55. ↑ "Everything we know on the Lucid Gravity SUV as of Mar 2022". topelectricsuv.com. March 30, 2022. Retrieved April 6, 2022.
  56. ↑ "2025 Lucid Gravity Is a Compelling Family EV with 440-Mile Range". Car and Driver. November 16, 2023. Retrieved November 17, 2023.
  57. ↑ "Lucid Air to be the Fastest Charging EV, Featuring a 900V+ Architecture Delivering a Charging Rate of Up to 20 Miles Per Minute". lucidmotors.com. Retrieved December 25, 2020.
  58. ↑ Cunningham, Wayne (October 21, 2016). "Start-up Lucid Motors launches with 300-mile plus premium electric sedan". Roadshow. CBS Interactive. Retrieved November 8, 2016.
  59. ↑ "Would-Be Tesla Rival Lucid Motors Inks Battery Supply Pact With Samsung SDI". Forbes. December 6, 2016. Retrieved December 7, 2016.
  60. ↑ Kelly Lin. "Lucid Partners With LG Chem on Battery Cells". Motortrend. Retrieved October 18, 2019.
  61. ↑ Dow, Jameson (December 12, 2018). "Formula E's new race season starts this weekend, with much-improved Gen 2 car". Electrek. Retrieved February 3, 2019.
  62. ↑ Sam Smith (June 29, 2021). "US manufacturer planning new Formula E entry". The Race.
  63. ↑ ApexRacingPR (October 23, 2016). "Three-way partnership for Formula E battery supply". Archived from the original on June 2, 2017. Retrieved December 18, 2016.
  64. ↑ "Lucid (Formerly Known as Atieva) Will Be the Sole Battery-Pack Supplier for Formula E". Retrieved December 18, 2016.
  65. ↑ "Invitation to Tender for Sole Supply Contract" (PDF). legal.fia.com. Archived from the original (PDF) on March 27, 2016.
  66. ↑ "Lucid Will Be the Sole Battery-Pack Supplier for Formula E Racing". Car and Driver. Retrieved November 8, 2016.
  67. ↑ Stephen Edelstein. "Lucid Motors to Use Electrify America Charging Network for Its Air Electric Car". The Drive. Retrieved October 18, 2019.
  68. ↑ Arthur Villasanta. "Tesla Model S vs. Porsche Taycan: Survey Reveals Clear Winner Among EV Buyers". International Business Times. Retrieved October 18, 2019.
  69. ↑ "Lucid Air gets over 300-kW fast charging, V2G home charging". Autoblog. Retrieved August 19, 2020.
  70. ↑ "Lucid's First Greenfield EV Factory Wraps Construction". HotCars. December 2, 2020. Retrieved December 25, 2020.
  71. ↑ Lambert, Fred (December 1, 2020). "Lucid completes factory construction, aims to ramp up to 400,000 electric cars per year". Electrek. Retrieved December 25, 2020.
  72. ↑ Hawkins, Andrew J. (December 1, 2020). "Lucid Motors finishes the first phase of its $700 million EV factory in Arizona". The Verge. Vox Media.
  73. ↑ "Electric Vehicle Manufacturer Lucid Group Gearing Up for First International Plant in Saudi Arabia After Signing Agreements with Multiple Agencies". Lucid Motors. February 28, 2022. Retrieved March 2, 2022.
  74. ↑ "Saudi Arabia agrees to buy up to 100,000 Electric Vehicles from Lucid". Arab News. April 27, 2022. Retrieved April 27, 2022.
  75. ↑ Kalin, Stephen (April 27, 2022). "Saudi Arabia Orders Up to 100,000 Electric Vehicles in Boost to Startup Lucid". Wall Street Journal. ISSN 0099-9660. Retrieved April 27, 2022.
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