- Lucid Motors has announced entry into an agreement to merge with blank-check SPAC Churchill Capital Corp. IV.
- The company’s flagship product, Lucid Air, is a zero-emission luxury EV car built with sustainable products and recyclability in mind.
- Project Gravity, Lucid Motors’ take on the luxury electric SUV, is expected to arrive in 2023, with impressive long-range electric driving, unmatched performance and innovative interior space design.
- Lucid Motors’ Factory is the first-ever purpose-built EV factory in North America, built expressly for its needs.
- The company’s management team has extensive experience in the automotive industry, with many members coming from Tesla.
- The EV market is expected to total $802.81 billion by 2027, growing at a CAGR of 22.6% from the $162.34 total in 2019.
Lucid Motors (NASDAQ: LCID) is an American automotive company focusing on the design, engineering, manufacture and sale of luxury electric vehicle (EV) models made using sustainable products and with a deep respect for nature.
Originally founded in 2007 under the name Atieva with a focus on building batteries for electric vehicles and powertrains for other manufacturers, the company was rebranded to the Lucid name in 2016. At that time, it announced its intention to develop all-electric and high-performance EVs.
In February 2021, Lucid Motors announced an agreement to go public in a merger deal with special purpose acquisition company (SPAC) Churchill Capital Corp. IV (NYSE: CCIV). The deal has a transaction equity value of $11.75 billion, including a $2.1 billion cash contribution from CCIV and a PIPE (private investor in public equity) investment of $2.5 billion from investors. The combined company resulting from the merger has a pro-forma equity value of $24 billion (https://nnw.fm/3h6iO).
The Lucid Air is Lucid Motors’ flagship luxury EV model. Lucid Motors believes that the Air model is the most efficient EV ever produced within any market. The vehicle was built with materials that come only from responsible suppliers, boasting sustainability and the potential for recyclability. The Lucid Motors factory is the first purpose-built EV factory in North America, designed expressly for the company’s needs.
Not only is Lucid Motors building a zero-emissions car, but the vehicle is powered by renewable energy. The performance specs for the Air model are:
- Maximum horsepower: up to 1080
- Extended pack range: up to 517 miles
- DC fast-charge: 20 minutes to charge 300 miles
- Standing quarter mile: as quickly as 9.9 seconds
- 0-60 MPH: as quickly as 2.5 seconds
- Prices start at $69,900 (prompting a price cut in direct competitor Tesla Inc.’s (NASDAQ: TSLA) Tesla S model)
The vehicle is expected to be available in four different models: Air Pure, Air Touring, Air Grand Touring and the limited-edition Air Dream.
Lucid Motors is currently working on an electric SUV model called Project Gravity, slated for release in 2023. The company aims to redefine the luxury SUV by offering impressive long-range electric driving, unmatched performance and innovative interior space design, all in one package.
Project Gravity is being built on the most advanced EV technology, the Lucid Electric Advanced Platform (LEAP), which miniaturizes every component in the powertrain while setting new performance standards and freeing up space for cargo and passengers. The SUV will be able to seat up to seven full-size passengers due to Lucid Motors’ Space Concept approach, which maximizes interior space by packaging a miniature yet powerful electric drivetrain.
EV Market Outlook
The global EV market was reported to consist of 3,269,671 units in 2019, a figure is expected to grow at a CAGR of 21.1% through 2030 to a total of 26,951,318 units worldwide (https://nnw.fm/5OMFU). This market’s monetary value was estimated at $162.34 billion in 2019 and is expected to grow at a CAGR of 22.6%, resulting in an approximate value of $802.81 billion by 2027 (https://nnw.fm/xN53H). The primary driver for this exponential growth is a worldwide increase in vehicle emissions regulations.
Peter Rawlinson is the CEO and CTO of Lucid Motors. He is responsible for all strategic and business attributes of Lucid. As the CTO, his role includes the creation and delivery of all the Lucid products. He has over 30 years of automotive industry experience. Prior to joining Lucid, he was the Vice President of Vehicle Engineering at Tesla (Chief Engineer of the Model S). He was formerly the Head of Vehicle Engineering at Corus Automotive, Chief Engineer at Lotus and Principal Engineer at Jaguar. Mr. Rawlinson is a graduate of Imperial College, University of London.
Jonathan Butler is the VP and General Counsel of Lucid Motors. He leads all aspects of the legal, compliance, and public policy functions for the company. He has 17 years of legal experience in the automotive and technology industries. His experience is in commercial transactions, corporate governance, litigation, risk management, compliance and intellectual property. Mr. Butler’s most recent endeavor before joining Lucid was as Deputy General Counsel at Tesla. Before Tesla, he was part of the international law firm Pillsbury, Winthrop, Shaw, Pittman. He holds a bachelor’s degree from the University of California, Berkeley, and a law degree from the University of Michigan.
Derek Jenkins is the VP of Design at Lucid Motors. He oversees all design developments, including the interior and exterior, user experience, colors, materials and accessories. He spearheads Lucid’s brand creativity and strategy. Mr. Jenkins was the director of design at Mazda North America, overseeing design developments locally and globally. Before Mazda, he spent almost a decade at Volkswagen North America and eight years before that with Audi. He holds a B.S. from the Art Center College of Design in Transportation Design.
Eric Bach is the VP of Hardware Engineering at Lucid Motors. He is responsible for all hardware engineering and is integral to the product management and corporate planning process. He has spent 18 years in leadership for both Volkswagen AG and Tesla. Mr. Bach has overseen several engineering functions for Tesla Models X, S and 3. Under his leadership, teams provided engineering and technological solutions with accelerated timelines. He received his Diplom-Ingenieur degree from Fredrich-Alexander University in Erlangen, Germany.
Peter Hochholdinger is the VP of Manufacturing at Lucid Motors. His responsibility is leading global manufacturing operations and engineering, commencing with Lucid’s Casa Grande, Arizona plant. Mr. Hochholdinger has close to 30 years of automotive industry experience in manufacturing. Before Lucid, he was the VP of Production for Tesla Motors, responsible for the Fremont and Lathrop, California, and Tilburg, Netherlands plants. Before Tesla, Mr. Hochholdinger spent 24 years with Audi AG, eventually becoming the company’s Senior Director of Production over the A4, A5 and Q5. He holds a Diplom-Ingenieur degree in material science from Fredrich-Alexander University in Erlangen, Germany.