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 410 miles (priced at USD 69,900); 2) Air Touring, with a range of 411 miles (priced at USD 77,900); 3) Air Grand Touring, a somewhat premium model, with a range of 516 miles (priced at USD 154,000), and 4) Sapphire , an ultra-high-performance EV with a range of 427 miles (priced at USD 249,000).

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. Lucid’s intends to produce 9,000 units for the full-year 2024. As of Q2 2023, the company had over 27,000 reservations for its EVs. 

Key customers and partnerships

In February 2020, Lucid partnered with LG Chem to source batteries for Lucid EVs. In March 2022, Lucid partnered with Nvidia to build its DreamDrive Pro driver-assistance system on the Nvidia Drive. In March 2022, Wolfspeed agreed to provide silicon carbide (SiC) semiconductors for Lucid EVs. In December 2022, Panasonic Energy agreed to supply batteries for Lucid Air and Gravity SUV. 

In April 2022, 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 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. 

In June 2023, Lucid agreed to provide Aston Martin access to Lucid’s proprietary electric powertrain technology, twin motor drive unit, battery technology, and Wunderbox. In November 2023 , Lucid reported that it will enable its customers to charge their vehicles at Tesla Supercharger stations from 2025 onwards. In February 2024, Lucid partnered with Saks to provide demo drive experiences of the Lucid Air EV at Saks Fifth Avenue store locations. Following this, in March 2024 Lucid agreed to make NeueHouse: its cultural programming partner.

Funding and financials

In March 2024 , Lucid secured a USD 1 billion series of convertible preferred stock in a private placement from its majority shareholder, Ayar Third Investment. The company intended to use the funds for general corporate purposes, including capital expenditures and working capital.

In May 2023 , Lucid 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. The company generated USD 595.3 million in revenue and had an operating loss of USD 3.1 billion in FY2023.