To learn more or opt-out, read our Cookie Policy. Lucid is showing signs of becoming a credible alternative to Tesla and German luxury vehicles in 2021 and beyond. The company declined to comment. The company’s flagship product boasts some impressive specs, and Lucid management is … Khashoggi’s death caused some companies like Richard Branson’s Virgin Galactic and Virgin Orbit to walk away from taking the Kingdom’s money or take a second look at the country’s long history of human rights abuses. That means Saudi Arabia’s Public Investment Fund (PIF) owns more than 50 percent of the company’s shares. [5] As of 2020 its first car, Lucid Air, is in development. Please also read our Privacy Notice and Terms of Use, which became effective December 20, 2019. Many scheduled attendees of that year’s Future Investment Initiative conference (known as “Davos in the Desert”) backed out. Lucid is a luxury mobility company reimagining what a car can be. Lucid Motors (formerly known as Atieva Motors) made headlines earlier this month when it landed Peter Hochholdinger as its new Vice President of Manufacturing. In 2017, Lucid Motors announced an aggressive $60,000 base price for its luxury all-electric sedan, the Lucid Air, with a range of 240 miles and some other interesting specs. Lucid was founded in 2007 under the name Atieva and originally focused on building electric vehicle batteries and powertrains for other vehicle manufacturers [44], This article is about an electric car company. In fact, during an interview with The Verge last November, Lucid Motors CEO Peter Rawlinson implied that his startup would be able to influence the Kingdom — not the other way around. But the company ultimately rebranded as Lucid Motors in 2016 and set its sights on making a luxury electric sedan called the Air, and hired Rawlinson, the former lead engineer of Tesla’s Model S, to run the project. Rawlinson, who left Tesla in 2012, is now looking to defy skeptics again with a similar playbook as CEO of Lucid Motors, a start-up electric vehicle manufacturer he … Lucid was founded in 2007 under the name Atieva and originally focused on building electric vehicle batteries and powertrains for other vehicle manufacturers. It also follows news that the Public Investment Fund of Saudi Arabia invested $1 billion in Lucid Motors, an all-electric automotive startup. newsletter, walk away from taking the Kingdom’s money, Tech’s transportation companies keep bending the knee to Saudi Arabia, replaced Atieva co-founder Sam Weng as CEO. The company, called Atieva at the time, was focused on developing electric car battery technology. [15], On September 17, 2018, Lucid Motors announced that they were in talks with the Public Investment Fund of Saudi Arabia for a funding valued at over $1 billion. Virgin Hyperloop One — a separate entity from Branson’s space endeavors — is doing a study with the Kingdom to see what kind of presence the startup could build there. As of November 2016[update], the company had planned to break ground in 2017, and have cars in production by early 2019. Lucid is a luxury mobility company reimagining what a car can be. California EV startup Lucid Motors gave up majority ownership to Saudi Arabia’s sovereign wealth fund in exchange for the $1.3 billion investment it closed last year, according to an email from the company’s lawyers that was included in a lawsuit filed on Wednesday.. [8][21], A prototype of the Lucid Air fully electric car was unveiled in December 2016, with production expected in 2017;[22][23] it was designed with a 400 hp (300 kW) front motor and a 600 hp (450 kW) rear motor for a combined 1,000 hp (750 kW). A new lawsuit confirms the California EV startup gave up a lot for the Kingdom’s $1.3 billion. In 2017, Lucid Motors announced an aggressive $60,000 base price for its luxury all-electric sedan, the Lucid Air, with a range of 240 miles and some other interesting specs. Saudi Arabia has plowed $45 billion in SoftBank’s massive Vision Fund, too, which has made a plethora of investments of its own. How Lucid Motors Plans to Spin Tesla-Killing Strategy Out of Air. California EV startup Lucid Motors gave up majority ownership to Saudi Arabia’s sovereign wealth fund in exchange for the $1.3 billion investment it closed last year, according to an email from the company’s lawyers that was included in a lawsuit filed on Wednesday. The final production version of the sedan will be unveiled on September 9th. It also follows news that the Public Investment Fund of Saudi Arabia invested $1 billion in Lucid Motors, an all-electric automotive startup. Saudi Arabia owns more than half of Lucid Motors, The best deals of the week, holiday edition, Save on tech and have it arrive before the holidays, Time is running out to snag these deals before the holidays, You’ll get the savings now, even if the gifts don’t arrive on time, Get one-year of PlayStation Plus for $33 today, Plus, get the AirPods Pro for $190 at Woot, Here are the best Amazon Echo deals right now, The Echo devices get discounted regularly, Sign up for the Lucid Motors was founded 10 years ago with a different name and mission. Until earlier this year, Lucid had received the majority of its funding from various Chinese and Japanese conglomerates. [32], Lucid unveiled an electric SUV concept in September 2020 called Project Gravity, but provided only a brief "glimpse of the future" and short video segment. “I think that we can be part of a movement which could catalyze change for good. Lucid Motors plans to lead in this new era of mobility by returning to the fundamentals of great design – Inside the New Chinese-Owned MG Motor Co. Lucid Motors' Electric Super Sedan Will Bring Tesla-Beating Power to Market Next Spring The top-of-the-line Lucid Air will have over 1,000 horsepower when it ships next spring. Saudi Arabia is also a major investor in Uber and had very early conversations about funding Tesla in 2018 before CEO Elon Musk exaggerated the talks by tweeting he had “funding secured” to take his company private, which led to a fight with US financial regulators. For the race car company, see, California-based EV company founded in 2007, Plug-in electric vehicles in the United States, "This man holds the key to Saudi Arabia's techno dreams", "Saudi Arabia owns more than half of Lucid Motors", "Atieva will launch its Tesla competitor by December", "On the Move: Lucid's New California Headquarters", "EV startup Lucid Motors snaps up Tesla's former production executive", "Tesla Owners, Will Lucid Make Your Next Electric Car? Lucid Motors ran into funding trouble shortly after that and had to take on loans from an Arizona hedge fund and a Chinese electric bus company to survive, as The Verge previously reported. [20], Lucid mainly developed battery technology in its early years, but began development of its first car in 2014. Hochholdinger previously held the position of Tesla’s Head of Production. [3], Lucid has agreed with Mobileye to use their EyeQ4 chips and 8 cameras for driver assist features,[29] and will make the car "autonomous ready". Instead, it was purchased by Pinal County for $29.94 million and will be rented to Lucid Motors for $1.8 million each year. Founded in 2007 as Atieva, the California EV startup was originally focused on being more of a supplier in the budding world of electric vehicles. [10], The company rebranded to Lucid Motors in October 2016 and officially announced its intent to develop an all-electric, high-performance luxury vehicle. The factory was then to be designed to support a maximum capacity of 380,000 cars per year. (1) Non-U.S. based parent company that owns subsidiaries headquartered in U.S. (2) Company still exists but is no longer in the automotive manufacturing business, This page was last edited on 10 December 2020, at 18:21. Lucid Air. Lucid Motors, an EV startup that also supplies batteries to Formula E racing, is gearing up to unveil its final production-ready Lucid Air sedan at an April event timed to the New York auto show. [37][38] The Formula E specification[39] calls for a battery weight of 250 kg (550 lb), 54 kWh energy, and peak power of up to 250 kW. When Lucid Motors unveiled an all-electric concept car called the Air in 2016, the company claimed it would have a range of 500 miles and supercar-like … Lucid says that the Air, which is a 1,000-horsepower, four-passenger luxury sedan, will have be capable of a 400-mile driving range and sub-2.5-second 0-60 mph acceleration times in the version with the biggest battery and most electric drive motors. [14] ", "Electric car factory planned in Arizona to have 2,000 workers", "Lucid Motors Has A 1000HP Tesla Challenger; Now To Find The Cash To Build It", "Tesla rival Lucid Motors plans Casa Grande plant", "Electric Cars Are About to Start Rolling Out of the Arizona Desert", "Casa Grande preparing for Lucid's high-dollar Arizona car factory", "Lucid Signs $1bn+ Investment Agreement with Public Investment Fund of Saudi Arabia", "Lucid Motors signs investment agreement with PIF, valued at over a billion dollars", "Lucid Motors gets real as Saudi funding comes through", "Lucid Motors Begins Construction Of Arizona Factory", Lucid Motors debuts luxury EV set to take on Tesla, "Lucid reveals design for its luxury Air sedan, a Tesla competitor", "Name Change: EV Automaker Atieva is Now Lucid, Teaser Photos Revealed - Motor Trend", "Rarefied Air: Lucid's New Car Just Might Be the Real Deal", "Tesla's head of production is going to EV startup Lucid Motors", "Lucid in Talks to Partner With Carmaker, Plans IPO in Few Years", "Lucid Motors to unveil production Air electric car with pricing and specs on Sept 9", "Lucid Motors' autonomous tech in its all-electric sedan will be powered by Tesla's former partner Mobileye", "Testing Without Limits: Lucid Air Hits 235 mph", "Lucid challenges Tesla with a luxury EV sedan that has a record 517 miles of range per charge", "Lucid Air is a 500-mile range Tesla rival that charges in just minutes", "Start-up Lucid Motors launches with 300-mile plus premium electric sedan", "Would-Be Tesla Rival Lucid Motors Inks Battery Supply Pact With Samsung SDI", "Lucid Partners With LG Chem on Battery Cells", "Formula E's new race season starts this weekend, with much-improved Gen 2 car", "Three-way partnership for Formula E battery supply", "Lucid (Formerly Known as Atieva) Will Be the Sole Battery-Pack Supplier for Formula E", http://legal.fia.com/web%255Cappeloffre.nsf/E93EA1FEBD58EBA2C1257F7300593D40/$FILE/2016%252003%252011%2520ITT%2520FE%2520battery%2520system%2520(3).pdf?openelement, "Lucid Will Be the Sole Battery-Pack Supplier for Formula E Racing", "Lucid Motors to Use Electrify America Charging Network for Its Air Electric Car", "Tesla Model S vs. Porsche Taycan: Survey Reveals Clear Winner Among EV Buyers", "Lucid Air gets over 300-kW fast charging, V2G home charging", "Lucid completes factory construction, aims to ramp up to 400,000 electric cars per year", Lucid Motors first car appearance in LA Auto Show, Toyota Motor Engineering & Manufacturing North America, List of automobiles manufactured in the United States, National Highway Traffic Safety Administration, https://en.wikipedia.org/w/index.php?title=Lucid_Motors&oldid=993455129, Electric vehicle manufacturers of the United States, Motor vehicle manufacturers based in California, Manufacturing companies based in California, Vehicle manufacturing companies established in 2007, Manufacturing companies based in the San Francisco Bay Area, Articles with dead external links from March 2020, Articles with permanently dead external links, Articles containing potentially dated statements from 2016, All articles containing potentially dated statements, Articles containing potentially dated statements from November 2016, Wikipedia articles needing clarification from October 2020, Creative Commons Attribution-ShareAlike License. But Lucid Motors has remained partnered with Saudi Arabia ever since, despite the deal not officially being approved by the US government’s Committee on Foreign Investment in the United States until April 2019. It eventually started discussions with Saudi Arabia in 2018, and when the deal finally closed in 2019, Rawlinson replaced Atieva co-founder Sam Weng as CEO. Like Tesla, the company is also based in California. Saudi Arabia owns more than half of Lucid Motors New, 4 comments A new lawsuit confirms the California EV startup gave up a lot for the Kingdom’s $1.3 billion [9] Venrock, Mitsui, and JAFCO are still current investors in the company. [30], On August 11, 2020, it was announced that the car is expected to have with an estimated EPA range of 517 mi (832 km) on a single charge. 12/04/2020: Lucid Motors completed its 1st factory in AZ where will build 400,000 EVs/year 11/30/2020: Construction is complete on our very first EV factory 11/17/2020: Tesla, Lucid, Rivian, and others join forces to create ZETA: a push for electric cars by 2030 11/17/2020: What Donald Trump Taught the Electric-Car Industry The company was founded in 2007, and is based in Newark, California. Lucid Motors sets out to create a car that elevates the human experience and transcends the perceived limitations of space, performance, and intelligence. 12/04/2020: Lucid Motors completed its 1st factory in AZ where will build 400,000 EVs/year 11/30/2020: Construction is complete on our very first EV factory 11/17/2020: Tesla, Lucid, Rivian, and others join forces to create ZETA: a push for electric cars by 2030 11/17/2020: What Donald Trump Taught the Electric-Car Industry It’s a strategic partnership. [7][24][25] Lucid later planned to start production in 2020,[26][27][28] but at the production unveil in September 2020 announced a delay to spring 2021. The startup is now building a $700 million factory in Arizona, where it plans to put the Lucid Air into production at the end of this year. [6], Some of Lucid's 500 employees as of 2016[update] had previously worked at other car companies such as Tesla and Mazda, including Peter Rawlinson, the former VP of Engineering at Tesla,[4] and Derek Jenkins, the former Head of Design at Mazda North America Operations. We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. [35], Lucid has designed, developed, manufactured and supplied battery packs for all race teams in the 2018–19 Formula E season,[36] and will continue to do so for the 2019–20 season,[4] in collaboration with McLaren Applied Technologies and Sony. And it will benefit Saudi society.”. Formula E, the first global all-electric racing series, took hundreds of millions of dollars from Saudi Arabia to host races in the Kingdom. [16][17] The investment was completed in April 2019. [25] This 4-door sedan is able to reach a software-limited top speed of 217 mph (349 km/h). Lucid Motors disagrees on the severance side of things, but the company said in response to the email from Coates’ lawyer that it “does not dispute that the financing transaction that closed on or about April 2, 2019 would appear to constitute a Change of Control.” Wired Middle East previously reported the PIF had taken a 67 percent stake, but the email included in the lawsuit is the first time an acknowledgment from the company has been made public. [8], The company initially used a Mercedes Metris van, named “Edna”, to develop the powertrain. Lucid Motors is making some impressive claims for the expected performance of its electric luxury sedan, the Air, which will commence production next spring. Lucid Motors sets out to create a car that elevates the human experience and transcends the perceived limitations of space, performance, and intelligence. Lucid Motors, Inc. (formerly known as Atieva) is an American automotive company specializing in electric cars. [18] The investment will fund: the final engineering and testing of the Lucid Air model; the first-phase construction of its manufacturing plant in Casa Grande, Arizona;[17] the commercial production of the Lucid Air; and Lucid's worldwide retail strategy, beginning in North America. When Lucid Motors unveiled an all-electric concept car called the Air in 2016, the company claimed it would have a range of 500 miles and supercar-like … That said, it remains unclear exactly what kind of voting rights the various shareholders of the company have. EV startup history is littered with failures. [16][17][19] Construction of the plant began in late 2019. Like Tesla, the company is also based in California. [31], Lucid is collaborating with Amazon to build in compatibility with Amazon's voice assistant Alexa, allowing drivers to use the voice assistant for navigation, phone calls, media streaming, smart home control and more while driving. A car that is intuitive, liberating, and designed for all the ways people get around. This isn’t the first time Lucid Motors has taken talent from Elon Musk’s behemoth of an automaker. Lucid Motors Factory After evaluating over 60 sites in 13 states for the Lucid Motors factory, we chose a 500-acre property in Casa Grande, Arizona. [30] In July 2017, 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). California EV startup Lucid Motors gave up majority ownership to Saudi Arabia’s sovereign wealth fund in exchange for the $1.3 billion investment it closed last year, according to an email from the company’s lawyers that was included in a lawsuit filed on Wednesday. “We have a partnership — which is very aligned — a partnership with the PIF. Lucid Motors, Inc. (formerly known as Atieva)[4] is an American automotive company specializing in electric cars. Virgin Hyperloop One CEO Jay Walder, Formula E founder Alejandro Agag, and Rawlinson also all appeared at the next Davos in the Desert last October while many other companies and executives stayed away. Lucid Motors CEO said the company has the cash, technology and talent to defy skeptics and become one of the first real rivals to Tesla. Lucid Motors Stock and IPO — Recent News. Manufacturer of electric vehicles designed to offer luxury mobility. In the town of Longbridge, just outside of Birmingham in the U.K., British workers assemble an all-new MG model from kits imported from China. A car that is intuitive, liberating, and designed for all the ways people get around. Saudi Arabia first announced the deal back in September 2018 — just weeks before Saudi Crown Prince Mohammed bin Salman had Washington Post journalist Jamal Khashoggi killed. But rather than bluster, Lucid has been methodical and quietly confident in its measured progress toward the goal of designing and building what it declares is the world’s most advanced EV. That’s what I see,” Rawlinson said at the time. Lucid doesn’t own the land its factory will be located on. Coates argues he’s eligible for these benefits because the Saudi Arabia investment triggered a “Change in Control” clause in his agreement with Lucid Motors because it resulted in “a change in the majority shareholder of the Company,” according to an email from his lawyer to the startup sent last year. [clarification needed][3] First phase was ready in December 2020. According to an email by the company’s lawyers, Saudi Arabia’s sovereign wealth fund owns more than half of Lucid Motors as part of a $1.3 billion deal that took place last year. “Lucid is part of the solution, and not the problem,” he added. Lucid Motors is kind of a new automaker. [43], During 2020, Lucid is building out a factory in Casa Grande, Arizona from the ground up that will be the first greenfield facility for EV manufacturing in the United States. Lucid Motors is a privately held electric-vehicle startup run by a former Tesla vice president. Lucid was founded in 2007 under the name Atieva and originally focused on building electric vehicle batteries and powertrains for other vehicle manufacturers. By choosing I Accept, you consent to our use of cookies and other tracking technologies. Credit: Lucid Motors. Founded in California in 2007 by Bernard Tse and Sam Weng, Lucid currently employs around 300 full-time workers. [40], Lucid Motors partnered with Electrify America to use their nationwide charging network as an option for recharging Lucid's electric vehicles on the road. History. [6], 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 up to 130,000 cars per year. Credit: Lucid Motors. [3]:43:38–44:25, Lucid's car uses the 2170[7] standard for its lithium-ion battery[33] cells, and supply agreements have been signed with both Samsung SDI[34] and LG Chem. Lucid Air will compete with Tesla. [7] The company has seen investments from Tsing Capital, Mitsui, Venrock, JAFCO, and others,[7][8] providing an estimated US$131 million by 2016. Lucid Motors General Information Description. The lawsuit was filed by Lucid Motors’ former head of finance, Doug Coates, who believes he’s entitled to certain severance benefits based on the language of the deal he signed with the company. The brains behind the electric car company, engineer Peter Rawlinson, shares a … Lucid Motors Stock and IPO — Recent News. According to an email by the company’s lawyers, Saudi Arabia’s sovereign wealth fund owns more than half of Lucid Motors as part of a $1.3 billion deal that took place last year. Peter Rawlinson, Lucid Motors CEO, joins Yahoo Finance to talk about how his company is taking on the luxury and EV markets. [41][42] The Lucid Air will be able to add 300 miles in as fast as 20 minutes when using the station's 350 kW charging capability. Lucid Motors is not the only futuristic transportation company with ties to Saudi Arabia, which has been focused on investing in new technologies as part of Mohammed bin Salman’s Vision 2030 plan. They’re committed to help us make this change to benefit all mankind. ... Today, UMH owns and manages a … Previously called Atieva, the company used to be an electric motor and battery supplier in the industry. Lucid Motors doesn’t own the land it will build on; instead, Pinal County bought the nearly 500-acre site and will lease it to the EV startup, with the goal of eventually handing it over. 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