Lucid Motors
Lucid Motors is still under the radar, but for sure, it will emerge soon. The company will reveal its first EV car Lucid Air on September 9th, 2020.
With the current hype around EV-stocks and the emergence of SPACs, I would argue that Lucid Motors should receive far more attention than many other competitors as Lucid has world-class technology, talent, and funding.
1. Great technology
Although Lucid Motors’ path has been long and less than straightforward, the company has always been at the forefront of the electric vehicle revolution. The company was founded in 2007 under the name Atieva and spent years being more focused on battery technology than pursuing the development of a luxury car. It pivoted in 2016, changed its name to Lucid, and began work on what would become Lucid Air, a luxury EV car.
The company supplies under its Atieva technology division, every single battery pack to the Formula E race series. This technology will eventually find its path into the first electric car Lucid Air.
Lucid Motors Air is expected to have an EPA-rated range of over 500 miles on a single charge, according to an independent test. This is an impressive technological milestone in EV history.
The average range for electric cars released in 2019 was around 183 miles, according to BloombergNEF. Lucid has achieved an industry-leading number capable of more than 100 miles above the longest-range Tesla Model S and 300 miles more than Porsche’s best offering, the Taycan.
The 517-mile range was validated by reputable German engineering consultant FEV North America Inc. They wrote in a press release:
This new benchmark range was secured with FEV North America, Inc. in Auburn Hills, Michigan, applying the EPA’s Multicycle Test Procedure (SAE J1634 Oct 2012 Standard) with the standard adjustment factor. The results confirm that the Lucid Air is the longest range electric vehicle to date.
Here are the test results:
2. Talent
Peter Rawlinson runs lucid Motors. Rawlinson brings great technical experience as he joined Tesla in 2009. There he served as Vice President of Vehicle Engineering and Chief Engineer of the Model S. In this role, Rawlinson was responsible for the technical execution and delivery of the Model S. He joined Lucid Motors in 2013 as the Chief Technology Officer was appointed Chief Executive Officer in 2019.
As Lucid Motors is located in Newark, CA, the company can attract great engineering and computer science talent from Silicon Valley. It will be important to have the talent to development the next-generation battery technology and ADAS.
3. Sufficient funding
In September 2018, Lucid raised more than $1 billion from Saudi Arabia’s Public Investment Fund. This funding will help the company to build its factory in Casa Grande, Arizona to produce the Lucid Air. The first production cars are expected to be delivered to customers in early 2021.
Conclusion
The company will reveal more details about the Lucid Air on its launch event on September 9th, 2020. The car will focus mostly on the high-end segment as the pricing is expected to be above $100,000.
The car will have a sophisticated ADAS with an integrated long-range, wide-angle forward-looking Lidar system. Its called “The DreamDrive” technology suite uses 32 sensors to support 19 key safety, driving and parking assist features. Similar to Tesla, it will provide over-the-air updates.
Let’s see how Lucid can inspire the adoption of sustainable energy by creating a new luxury car.
