Lucid Motors

Lucid Motors (formerly Atieva) initially developed EV batteries and powertrains for third-party EV makers. The company rebranded in 2016 with the intention of developing passenger EVs. Lucid’s CEO is a former VP of Engineering at Tesla. 

Lucid has four EV models in its portfolio: 1) Air Pure, the most basic version, with a range of 406 miles (priced at USD 87,400); 2) Air Touring, with a range of 406 miles (priced at USD 107,400); 3) Air Grand Touring, a somewhat premium model, with a range of 516 miles (priced at USD 154,000) which also includes a performance version with a range of 446 miles (priced at USD 179,000); and 4) Air Dream Edition, the ultimate premium model (priced at USD 169,000). As of July 2022, Lucid is carrying out deliveries of Air Dream Edition and Air Grand Touring models while Air Touring and Air Pure models are to be available from Q4 2022.

As of July 2022, Lucid operated a manufacturing facility (AMP-1) in Casa Grande, Arizona with an annual capacity of 34,000 units. The company planned to expand this facility in four stages through 2028 to reach a capacity of 365,000 units. Production at the facility began in September 2021, which initially consisted of Lucid Air Dream Editions, followed by Grand Touring and Touring models. Lucid’s production volume outlook for 2022 was revised to 6,000 - 7,000 units in August 2022, down from 12,000 to 14,000 units . Lucid had around 37,000+ Lucid Air reservations as of Q2 2022, amounting to potential sales of USD 3.5 billion.

In August 2022, Lucid launched Sapphire , its new ultra-high-performance brand, with the new Lucid Air Sapphire (priced at USD 249,000) which has a three-motor powertrain operating at over 1,200 hp. The vehicle will be offered as a limited-production model with production beginning in 1H 2023. In November 2023 , the company reported that it will enable its customers to charge their vehicles at Tesla Supercharger stations from 2025 onwards.

Lucid operateS a manufacturing facility (AMP-1) in Casa Grande, Arizona with an annual capacity of 34,000 units. The company planned to expand this facility in four stages through 2028 to reach a capacity of 365,000 units. Production at the facility began in September 2021, which initially consisted of Lucid Air Dream Editions, followed by Grand Touring and Touring models. Lucid’s production volume outlook for 2022 was revised to 6,000 - 7,000 units in August 2022, down from 12,000 to 14,000 units . Lucid had around 37,000+ Lucid Air reservations as of Q2 2022, amounting to potential sales of USD 3.5 billion. 

Moreover, Lucid announced an agreement with the Government of Saudi Arabia to sell up to 100,000 EVs within a period of over ten years in April 2022. In May 2022, Lucid signed agreements with the Government of Saudi Arabia to construct a second manufacturing facility (AMP-2) in Saudi Arabia. The facility began operations in September 2023 and will have a capacity of up to 155,000 vehicles per year by 2025. AMP-2 is expected to boost Lucid Group’s global production potential to 500,000 EVs per year by mid-decade.

The company’s latest funding was in May 2023 , when it raised USD 3 billion through stock offering and private investment. Lucid intended to use the funds for general corporate purposes. Prior to this in December 2022 , Lucid raised ~USD 1.5 billion in funding which the company intended to use for general corporate purposes, including capital expenditures and working capital.

Lucid was listed on the Nasdaq through a SPAC merger in July 2021. The deal raised USD 4.4 billion at a valuation of USD 24 billion. The proceeds were to be utilized as growth capital.