Electric car producer Lucid Motors goes public with $4.4 billion in the company bank

US electric carmaker has passed 11,000 paid reservations for its zero-emission Lucid Air electric vehicle (EV)

By
Ian Osborne
July 28, 2021
Category:
EV Biz

Lucid Motors, who are launching their Lucid Air luxury electric car later this year, have joined Nasdaq and become a public company. Lucid completed the previously announced merger with Churchill Capital Corp IV. The combined company will now operate as Lucid Group, Inc.

With the $4.4 billion in funding the company now has in the bank, they’re able to significantly accelerate their trajectory, while mitigating their risks in delivering the high-end luxury electric vehicles (EVs).

Lucid will add 2.7 million square feet of additional space to its greenfield factory in Arizona. This will allow them to add a separate line for their new Project Gravity electric sports utility vehicle (SUV) as they accelerate its development.

Peter Rawlinson, Lucid Motors CEO, said: “Lucid’s mission is to truly mass industrialise electric cars and electric powertrain systems through the development of the most advanced technology imaginable.

“Lucid Air represents the next generation of EVs and creates new standards for interior comfort, range, efficiency and power. We are on track to meet our projected deliveries for the next two years, and we look forward to delighting our customers around the world with the best electric vehicles ever created.”

The company now embarks on the next phase of its growth as it brings Lucid Air to market and expands rapidly to meet its goal of offering a broad range of products powered by the company’s proprietary electric powertrain technology.

Lucid recently passed 11,000 paid reservations for Lucid Air, including the fully reserved Dream Edition, the Grand Touring edition, and both Touring and Pure versions. Prices start from $69,900 for a car that will offer a projected 406-mile (650km) range.

The company is currently producing Lucid Air at its factory in Arizona and conducting quality validation checks as a precursor to customer deliveries.

It’s an exciting time for Lucid Motors who’s top-end Lucid Air saloon will become a direct competitor to Tesla. This is good for the market keeping all electric carmakers on their toes to deliver the best possible zero-emission vehicles, and ultimately gives customers the best possible choice. Hopefully, this will help to speed up electric car adoption for a cleaner and more sustainable future.

Rawlinson concluded: “Along with thanking every Lucid employee, from our headquarters in California to our factory in Arizona, to our colleagues across the globe, I’d like to thank you. And helping to further our vision of creating the most captivating electric vehicles and a more sustainable future for us all.”

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