Lucid Motors

Last updated

Lucid Group, Inc.
FormerlyAtieva, Inc.
Company type Public
ISIN US5494981039
Industry Automotive
Founded2007;17 years ago (2007)
Founders
  • Bernard Tse
  • Sam Weng
  • Sheaupyng Lin
Headquarters Newark, California, U.S.
Key people
Production output
8,428 (2023)
RevenueDecrease2.svg US$595 million (2023)
Decrease2.svg −US$3.1 billion (2023)
Decrease2.svg −US$2.8 billion (2023)
Total assets Increase2.svgUS$8.51 billion (2023)
Total equity Increase2.svgUS$4.85 billion (2023)
Owner Public Investment Fund (59.77%) (2023)
Number of employees
c. 6,500 (2023)
Website www.lucidmotors.com OOjs UI icon edit-ltr-progressive.svg
Footnotes /references
[1] [2] [3] [4]

Lucid Group, Inc. is an American automotive and technology company that manufactures electric vehicles and supplies advanced electric vehicle powertrain systems. The company is headquartered in Newark, California. [5] In September 2021, the company began producing the Lucid Air sedan at its factory in Casa Grande, Arizona. [6] The company expects to begin production of its second model, the Lucid Gravity SUV, in late 2024. [7] Lucid also supplies and develops powertrain technology to other automakers, including Aston Martin. [8]

Contents

Since April 2019, Lucid has been majority-owned by the Public Investment Fund, which is the sovereign wealth fund of Saudi Arabia. [9] Other investors include large index fund managers like the Vanguard Group, BlackRock, and State Street Corporation. [10]

History

In 2007, Tesla Motors Vice President Bernard Tse, co-founder of Astoria Networks Sam Weng, and inventor Sheaupyng Lin founded a company named Atieva to build electric vehicle batteries and powertrains for vehicle manufacturers. [11] [12] In 2011, Atieva began working with lithium-ion cell maker Lishen to build battery packs for electric buses in China. [13] In 2014, Beijing Automotive Industry Holding (BAIC), a state-owned carmaker, acquired a 25 percent stake in Atieva. [14] Atieva received investments from Tsing Capital, Mitsui, Venrock, JAFCO, and others. [15] [16]

British engineer and businessman Peter Rawlinson, formerly Vice President of Engineering and Chief Engineer of the Model S at Tesla, Inc., [5] joined Atieva in 2013 as Chief Technology Officer (CTO) and board member. [17] Rawlinson and the team rebranded the company Lucid Motors in October 2016 [17] [18] and officially announced the company's intent to develop an all-electric, long-range, high-performance vehicle. [11]

On November 29, 2016, Lucid executives and officials in Arizona 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, [19] [20] [21] initially building 20,000 cars and expanding to 130,000 cars per year. Rawlinson took on the additional role of CEO in April 2019, while keeping his role as CTO and board member. [17] The first vehicles rolled off the assembly line on September 28, 2021. [22]

On September 17, 2018, Lucid Motors announced talks with the Public Investment Fund for $1 billion in funding. [23] [24] The investment was completed in April 2019. [9] The investment would fund the final engineering, testing and production of the Lucid Air, the first-phase construction of its manufacturing plant in Arizona, [24] and its worldwide retail strategy, beginning in North America. [23] [24] [25] Construction of the plant began in late 2019, and the first phase was completed in December 2020. [26] [27] The second phase of construction began in late 2021 to increase production capacity from 34,000 to 90,000 vehicles a year. [28] The completed four phases of the factory are intended to have a combined manufacturing capacity of 400,000 cars per year. [29]

In February 2021, Lucid Motors announced a deal valued at $11.75 billion to merge with Churchill Capital Corp IV, a publicly-traded special-purpose acquisition company (SPAC). [30] Rawlinson announced Lucid's intention to produce its Gravity SUV by 2023, then offer a competitor to Tesla's Model 3 by 2024 or 2025. [31] [32] On July 26, 2021, the company went public, [33] with the Public Investment Fund owning 60 percent of Lucid. [34] The fund recorded a profit of $20 billion from its $2.9 billion investment. [34]

Lucid began building its first all-electric Lucid Air sedan in Arizona in September 2021, and deliveries began in late October. [35] Lucid produced 7,180 vehicles in 2022, [36] lower than expected, with the company citing supply chain issues. [37] [38] Lucid produced 8,428 vehicles in 2023, meeting the higher end of company guidance. [39]

In June 2023, Lucid signed an agreement to develop and supply electric motors, powertrains, and battery systems for Aston Martin's upcoming range of fully electric cars. According to the terms of the $450 million deal, [40] Aston Martin said it would pay Lucid $132 million in cash for its expertise; Lucid would be given a 3.7 percent stake in Aston Martin worth $100 million; and Aston Martin guaranteed it would buy at least $225 million in powertrain components. [41] [42]

On August 7, 2024, Lucid Group announced a further $1.5 billion in funding from its majority shareholder, Ayar Third Investment Co., an affiliate of PIF. The deal includes $750 million in convertible preferred stock and the rest in an unsecured loan. [43]

Prototype

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

The company initially used a Mercedes Metris van named "Edna", to develop the powertrain. [16] [44]

Lucid Air

Lucid Air Lucid showroom, Miami.jpg
Lucid Air
Electric Drive Unit and the Lucid Air Battery. Lucid Drive Unit IAA 2023 1X7A0514.jpg
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. [45] 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). [46]

On September 16, 2020, the US Environmental Protection Agency (EPA) rated the range of the Lucid Air to be 520 miles (840 km) on a single charge. [47] [48]

Lucid has agreed with Mobileye to use their EyeQ4 chips and eight cameras for driver assist features, [49] and will make the car "autonomous ready". [50] The 4-door sedan is able to reach a software-limited top speed of 217 mph (349 km/h). [51] 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). [51]

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. [52]

The infotainment system is based on Android Automotive. [53]

A Lucid Air is used by the character of Samantha Margolis in several episodes of season four of the Amazon Studios TV series Goliath. [54]

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. [55] [56]

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. [56] [57]

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%. [58]

Lucid Air was named Motor Trend’s 2022 Car of the Year, being the first time a brand new car model won the award. [59]

In April 2023, the company began delivering a blacked-out or dark-trimmed 'Stealth' Air to customers, following its introduction in August. [60] Also in April 2023, Lucid Air won the 2023 World Luxury Car of the Year award. [61] [62]

Lucid Gravity

Lucid Gravity
Lucid Gravity, GIMS 2024, Le Grand-Saconnex (GIMS0054-3-RR).jpg
Overview
TypeSUV
Production2024 (upcoming)
Model years 2025
Body and chassis
Class SUV
Layout Front-engine SUV
Doors4
Related Lucid Air
Powertrain
Power output480–828 hp
Electric range Up 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. [45] : 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. [63]

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 of under $80,000. [64] [ needs update ]

In December 2023, electric vehicle charging startup Gravity Inc. filed “petition for cancellation” with the U.S. Patent and Trademark Office over Lucid's use of the word "gravity". [65] In June 2024, Gravity Inc. and Lucid came to a settlement allowing Lucid the use of the name "gravity." [66]

Lucid opened orders for the Gravity on November 7, 2024 with production scheduled to start at the end of 2024. [67] [68]

Batteries

Lucid Connected Home Charging Station, is a dedicated home charger solution provided by Lucid. Lucid Motors, IAA Open Space 2023, Munich (P1120049).jpg
Lucid Connected Home Charging Station, is a dedicated home charger solution provided by Lucid.

The Lucid Air was planned as of 2020 to debut with a 900V+ electrical architecture, and custom lithium-ion battery cells. [69] It was planned to use the 2170 [15] standard for the cells, [70] and, by 2019, supply agreements were signed with both Samsung SDI [71] and LG Chem. [72] [ needs update ]

Lucid supplied battery packs for the Gen2 Formula E race cars from the 2018–2019 season [73] through the 2021–2022 season, [5] [74] in collaboration with McLaren Applied Technologies and Sony. [75] [76] The Formula E specification [77] called for a battery weight of 250 kg (550 lb), 54 kWh energy, and peak power of up to 250 kW. [78]

Charging

Lucid Motors partnered with Electrify America (EA) in 2019 to use their nationwide charging network as an option for recharging Lucid's electric vehicles on the road. [79] [80] The Lucid Air is able to add up to 300 miles (480 km) in 20 minutes (or 200 miles in 12 minutes) when using the station's 350 kW charging capability, where that capability is available in EA charging stations. [81]

In 2022, Lucid announced their own home charging solution called the Lucid Connected Home Charging Station which would add 80 miles to the battery in just an hour. [82] After most auto manufacturers serving the North American market adopted the North American Charging System (NACS), in late 2023 Lucid also announced plans to equip their vehicles with the NACS ports in 2025. [83]

Additionally, the Lucid Air's RangeXchange feature enables the Air to directly charge other electric vehicles using Lucid's RangeXchange charging adapter. [84]

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. [85] On December 1, 2020, Lucid completed factory construction, dubbed AMP-1, and "aims to ramp up to 400,000 electric cars per year." [86]

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. [87]

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). [88]

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. [89] 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. [90]

Ownership

The 10 largest institutional shareholder of Lucid as of December 2023 were: [91]

Shareholder namePercentage
Public Investment Fund 59.77%
The Vanguard Group 3.62%
BlackRock 2.15%
State Street Corporation 0.86%
Geode Capital Management 0.63%
Mirae Asset Financial Group 0.50%
First Trust Advisors 0.42%
Morgan Stanley 0.38%
UBS Group 0.30%
Goldman Sachs 0.29%
Others31.08%

See also

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References

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