More About Lucid
While the company was doing well, the founders, Bernard Tse and Sam Weng saw an opportunity in the EV market and began the development of the company’s first electric vehicle in 2014. To execute this mammoth task of upgrading to design and manufacture a complete EV, the company got onboard experienced people from different companies, one of them being Peter Rawlinson, the former Vice-President of Engineering at Tesla. Along with that, Derek Jenkins, the former head of design at Mazda. With these venerated personalities onboard, the company teased its first concept vehicle in 2016. To mark the beginning of a new chapter, the company was renamed from Atieva to Lucid Motors. The first vehicle was appropriately named Lucid Air, as the design just flows from the front to the rear.
We have to understand how the emergence of new companies in this segment is going to be beneficial for the future automotive industry. This period in time is going to be known as the pivotal moment which changed the dynamics of the transportation industry. With the looming threat of Climate Change, the adoption of these technologies is not only beneficial but necessary. Companies like Tesla have already established their dominance in this sector and given hope for better electric vehicles to be built in the future. Companies like Lucid are the essential competitors that would push the development of better technologies and create demand in the market for electric vehicles. This imbibes the trust that is currently building up in the customers with respect to electric vehicles.
The rebranding of the company brought in multiple investors with it. The first teaser of the concept vehicle built a sense of confidence among the investors in Lucid Motors. The initials investors were Tsing Capital from China, Mitsui from Japan, Venrock from the USA, JAFCO from Japan, and others. These investors provided a total of $131 million by 2016 to carry forward the development and later production of the concept Lucid Air. With this initial investment, the company began the planning of its first factory in 2016. The location chosen was Casa Grande, Arizona, and projected to employ around 2,000 people by 2020. The initial construction of the factory was completed in December 2020. The factory, named AMP1 or Advanced Manufacturing Plant 1 is expected to produce 30,000 units per year in the initial stage, but the company plans to expand the operation and reach an output of 400,000 units in near future. The initial investment of $131 million was not sufficient to build the operational factory for Lucid. Thus in September 2017, the company brought in another lead investor, the Public Investment Fund of Saudi Arabia who invested around $1 billion in the company. This heavy investment assisted in the construction of $700 million AMP1 along with the final engineering and testing of the Lucid Air model.
Current and Future models
What we saw as a concept vehicle in 2016, has been improved to a fully functional production-ready Lucid Air. Expected to be released in early 2022, the Lucid Air is available to pre-book on their official website. The Lucid Air is available in different configurations which varies the power output from 480-hp to a staggering 1080-hp. With its dual motors at the rear, the power is transmitted to all four wheels. With peak torque available at zero-rpm the vehicle is launched instantaneously to 60-mph in just 2.5 seconds. It is available in four variants, Air Pure, Air Touring, Air Grand Touring, and Air Dream Edition. Along with a powerful motor, the vehicle provides an astonishing range on a full charge. The base model has a range of about 406-miles, while the Air Grand Touring provides the maximum range of 517-miles. With this, the vehicle gets a 300kW peak charging power that can fill the batteries to cover 300-miles in just 20 minutes. With these capabilities, the Ludic gives a tough competition to Tesla in this race to be the best in business.
Along with that Lucid has planned to launch its all-electric SUV to compete in the ever-growing SUV market. While still un-named, the SUV is based on the Lucid Air platform and is expected to go into production just after the Lucid Air from spring 2021. While that is still in the development stage, the future of Lucid seems to shine bright with their rapid development and innovative technologies that make this dreamy high-tech luxury sedan a possibility.