Lucid Motors – A Breakthrough In Luxury Electric Vehicle Industry.

Lucid Motors limited is an American Electric Automobile manufacturer firm formerly known as Atieva established in 2007. It was founded by Bernard Tse and Sam Weng. Its headquarters are in Newark, California. They manufacture high-performance vehicles while focussing on innovation, sustainability, and luxury. It is known as the new generation of electric vehicles. Over 3000 employees have exceptional skills and experience in Automobile Industry. The company achieved a revenue of 27 million US dollars (2021). The firm mainly manufactures software for the supervision of individual battery cells, mechanical packaging, and battery pack controls for plug-in vehicles, aircraft, and automobiles.

History

The firm was founded as Atieva in 2007 for the manufacturing of electric vehicle batteries and powertrains for other automobile manufacturers. In 2013, the firm decided to develop a car and by 2014 it secured a nine-digit round of funding to complete its mission of developing the car. They developed a custom powertrain test car with 900 HP. Its exterior was rather common to stay unrecognized. This vehicle could travel 60 mph in just three seconds (Approx.) having exceptional driving range.

In 2016, the firm decided to establish a manufacturing plant of 700 million US dollars in Casa Grande, Arizona. The state and company officials planned the plant’s construction, which was predicted to hire over 2,000 employees by the middle of the 2020s. The initial aim was to build 20,000 cars and extend up to 1,30,000 cars annually. The manufacturing plant was designed to uphold a maximum capacity of 3,80,000 cars. The decision was made to start the plant in 2017 and vehicle production by 2019. It launched its vehicles in September 2021.

The firm’s commercial production started in North America with its retail strategy. The plant’s construction was initiated in 2019 and ended in December 2020. The second phase is currently in the process of maximizing the capacity from 34,000 to 90,000 cars per year. The finalized construction with four phases will have a capacity of about 4,00,000 cars annually.

Investors

Some key investors who funded their first-ever car were Tsing Capital, Venrock, Mitsui and JAFCO. Since then, they are investing in lucid motors to fuel their innovative ideas.

Public Investment Fund of Saudi Arab

On September 17, 2018, the firm announced that it will be receiving a public investment fund with a value of over one billion US dollars. It is a Saudi Arab Sovereign fund. The funding was finalized in April 2019. It was received to fund the final phase (engineering and testing) construction of the Casa Grande manufacturing plant.

Merger

The firm decided to merge with Churchill Capital Corporation in a deal of 11.75 billion US dollars

Renowned Products

Lucid Air

A sample of the Lucid Air, an entirely electric car, was launched in 2016. Its exceptional features include a projected range of 653 km and 480 horsepower with a starting price of 77,400 USD.

Project Gravity

Lucid Motors produced a concept of an electric SUV in September 2020, which is known as project gravity. Some features of project gravity were sleek headlamps, a short hood, a large windscreen with stylish and large windows, and quarter glass panels.

CEO – Peter Rawlinson

The chief executive officer of lucid motors was a VP of engineering at Tesla before joining Lucid motors. They joined the firm as the Chief Technology Officer (CTO) in 2013. He is a great British engineer and an entrepreneur. He was born in South Wales and attended Imperial College London.

Founders – Bernard Tse, Sam Weng

Bernard Tse is a great entrepreneur, the former VP at Tesla Motors, and a Board member. He was also the former CEO of Lucid Motors. He has over 20 years of experience in the electric vehicles industry. Sam Weng co-founded Lucid Motors with Bernard. He was also the retired executive of tesla motors and led the firm to its success.