Lucid Motors, who used to be known as Atieva, develop electric vehicles out of its headquarters in Newark, California. Starting as a company producing products such as batteries for electric vehicles and goods for other manufactures, Lucid is now progressing quickly towards debuting the first electric vehicle of its own in 2021.
Atieva, as the company was then known, came to life in 2007, immediately getting to work as a producer of products for other manufacturers in the industry. However, after nine years of building up a respected reputation in the sector, a rebrand came into play. And, in 2016, Lucid Motors was born with the announcement, the company intended to begin producing luxury electric vehicles of its own.
In Q4 of 2016, Lucid Motors immediately got to work on a manufacturing plant in Casa Grande, Arizona. Initially, the factory would create 2,000 jobs, build up to 20,000 of Lucid’s luxury electric vehicles before progressing past the 100,000 mark further down the line. The intention was to eventually be turning out close to 400,000 cars per year when the plant is fully operational.
Q4 of 2016 also saw the debut of the prototype of the Lucid Air. The Lucid Air is a fully electric car with production due to begin this year (2021). With over 400 miles of projected range and 480 horsepower, it’s set to be one of the best vehicles in the electric car market to date. The Lucid Air, available to reserve now, uses technology such as Amazon’s Alexa and EyeQ4 chips. It will come in three models: Lucid Air Touring, Grand Touring and Dream Edition.
Jump forward a couple of years from 2016 to 2018, and it was in this year Lucid changed the game by entering talks with the Public Investment Fund of Saudi Arabia about a potential investment deal. Talks between the two parties started in September 2018, and an agreement was reached seven months later in April 2019, with funding of over £1bn in the bag.
The investment from the Public Fund of Saudi Arabia immediately went towards getting Lucid Air through the final stages of development and testing before moving into commercial production. In addition, money was also spent on expediting the construction of the Lucid Motors manufacturing plant in Arizona.
Fast forward to the present day and the year 2021. And Lucid Motors is on the up and making waves in the sector. In February, the company merged with Churchill Capital Corp IV, with the intention of trading on the stock market further down the line. Something they have already achieved. And market analysis on the auto industry suggests they’re exceeding expectations at this point.
Lucid Motors is also ready to deliver on its SUV range called “Project Gravity” within two years, before being in a position to challenge the industry’s major force, Tesla, a year or two later. It’s been a rapid rise for Lucid, a company going from strength to strength, with big ambitions to be the best remaining the driving force.
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August 21, 2021 at 01:01AM
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A Closer Look At Lucid Motors - Pursuitist
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