Prior to founding Lucid Motors, Bernie served on Tesla Motors’ Board of Directors. In February 2021, Lucid Motors announced a deal valued at $11.75 billion to merge with Churchill Capital Corp IV (ticker CCIV), a publicly traded special-purpose acquisition company.īernard Tse has many years of experience with electric vehicles and over 20 years of entrepreneurial and executive management experience in the US and in Asia. The latest is Air, which is expected in early 2022, at a pricing starting from $69,900 USD. The earliest edition will be Air Dream Edition, which is expected in Spring 2021 at a pricing starting from $161,600 USD. Its Vehicle Models include The Lucid Air, Air Touring, Air Grand Touring, Air Dream Edition. Lucid Motors chose a 500-acre property in Casa Grande, Arizona for the factory. It then shifted to producing electric cars and changed its name to Lucid in 2016. The company, called Atieva at the time, focused on developing electric car battery technology. "Not to mention they have major brand recognition and enviable ad budgets," she added.Lucid Motors was founded in 2007, based in Newark, with a different name and mission. "Although the Detroit automakers have often been portrayed as dinosaurs by the Silicon Valley crowd, the reality is that they have decades more experience in truck development than their startup competitors and are resourced to produce high volumes at lower cost," Jessica Caldwell, with Edmunds, wrote after Rivian went public. you're unencumbered by these challenges and you can build an company from the ground up." "The fact that you're making millions of vehicles right now comes at a cost, and it's the cost of having invested so much in internal combustion," argues Asad Hussain, mobility analyst at PitchBook.
Some investors think the auto giants can't move as nimbly as the disruptive new startups because they are still so heavily committed to producing gas-powered cars. Rivian and Lucid need to scale up from making a few hundred vehicles to making tens or hundreds of thousands.Īnd they face mounting competition from the big automakers, who are also racing to catch up with Tesla - and who are planning mass production vehicles much cheaper than the luxury cars Rivian and Lucid are starting out with. They may be attracting a lot of buzz, but the two models still face enormous challenges. The company is looking to compete with the luxurious Mercedes-S class.īut major challenges remain for both Rivian and Lucid Lucid is led by Peter Rawlinson, who has had a long career in the automotive industry, including a key role at Tesla helping engineer the Model S.Ī Lucid Air Grand Touring electric luxury car is displayed at Lucid Motors' studio and service center on Feb. Lucid is bankrolled by Saudi Arabia's wealth fund, while Rivian got investments from Amazon (which is also buying 100,000 of its delivery trucks) as well as Ford.īoth have executive teams that investors and analysts praise for focusing on the fundamentals, in a field often seen as being more about hype than substance. But they have big ambitions to scale up in the coming years.Īnd a lot of smart investors are banking big money that they will be able to pull it off. The production volumes are still small - just a few hundred vehicles each so far. That has left them at the front of an epic race to recreate Tesla's astonishing success story, as the auto industry speeds toward a transition to electric vehicles. But, somehow, these two electric startups are each worth more than Ford.īoth companies are flush with cash, and they've reached a major milestone: They are actually producing and delivering vehicles to customers They're both produced by new electric start-ups that have attracted a lot of investments.Įlliot Ross/Courtesy of Rivian/Courtesy of Lucid Motors The Lucid Air (right) is a luxury sedan aiming to seduce buyers away from the Mercedes S-Class. The Rivian R1T (left) is a sporty pickup truck designed for off-road adventures.
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