Lucid company; profile, history and net-worth

Lucid company is an EV startup company that supplies batteries to the Formula E racing series. Based in Silicon Valley, it is headed up by Peter Rawlinson, the former chief engineer of the Tesla Model S. Its first model is the Air sedan; an SUV alternative called the Gravity is expected to follow.

LUCID COMPANY PROFILE

Lucid is an American manufacturer of electric luxury sports cars and grand tourers headquartered in Newark, California. Lucid vehicles are designed in California and manufactured at Lucid’s factory in Arizona. The company was founded in 2007.

The first Lucid vehicle, the Lucid Air, is offered in several trim levels, including the Lucid Air Pure. Other Lucid Air trim levels include the Lucid Air Touring and Grand Touring models, the latter available in Performance equipment level as well. The company’s second model, the Lucid Gravity SUV EV is scheduled to launch in 2024.

Since April 2019, Lucid has been majority-owned by Public Investment Fund, the sovereign wealth fund of Saudi Arabia.

American electric vehicle company, publicly traded on the Nasdaq exchange, with it’s  headquarters in California and manufacturing plant in Arizona. The company’s groundbreaking technology is designed in California, where it is moved to think beyond mobility and design for a world where life is the most important journey we’ll ever take. To look beyond tomorrow and shape a future.

After evaluating over 60 sites in 13 states for the Lucid Motors factory, the company chose a 500-acre property in Casa Grande, Arizona. Located between Phoenix and Tucson — and within easy reach of  Silicon Valley headquarters — the Casa Grande offered close proximity to critical utilities, an established transportation system, and strong support from state and local governments.

Lucid’s CEO, Peter Rawlinson, has been at the helm of the startup since leaving his role as VP of engineering at Tesla. Rawlinson initially served as the firm’s CTO in 2013 and became CEO in 2019. In early 2021 and under Rawlinson’s lead, Lucid merged with Churchill Capital Corp IV (CCIV) to enter the NASDAQ as a SPAC.

HISTORY OF LUCID AIR

Lucid was founded in 2007 under the name Atieva by former Tesla Motors Vice President Bernard Tse, co-founder of Astoria Networks Sam Weng, and inventor Sheaupyng Lin. The company was originally focused on building electric vehicle batteries and powertrains for other vehicle manufacturers.

As Atieva, Lucid valued high-performance, safe, and durable batteries for motorcycles, sedans, vans, and buses.  Eventually, it had amassed over 50 patents related to its core battery systems in the US alone.

By 2013, the well-established battery company set its sights on larger goals… building a complete electric vehicle.  Shortly after, in 2014, Lucid secured a 9-digit funding round to push them toward their dream.

Two years later, in 2016, the company officially rebranded itself as Lucid Motors.  That same year, plans were announced to construct Lucid’s $700 million AMP-1 manufacturing plant in Casa Grande, Arizona.

Throughout the next few years, Lucid focused on building their factory, acquiring additional funding, and engineering and testing of their first vehicle, the Lucid Air.

Lucid names their flagship factory AMP-1 after the acronym for Advanced Manufacturing Plant. The factory will be developed in phases, with phase 1 completed in November 2020.  The phased approach and design of the manufacturing plant allow Lucid to scale their factory as demand and production increase, allowing the EV company to meet future demands.

Planning for phase 2 of the AMP-1 facility is already in progress.  The expansion will provide more real estate for Lucid to build its upcoming Gravity SUV and increase production capacity to 90,000.

Eventually, Lucid plans to have four total phases for its facility in Casa Grande, totaling an estimated 5.1 million square feet with an eventual output of 400,000 vehicles per year.

Production of the all-electric Lucid Air luxury sedans began at AMP-1 in September 2021, with deliveries starting in late October.  Lucid planned to produce 20,000 vehicles in the first year, but that was cut nearly in half due to supply chain issues following the COVID pandemic.

When the EV company began working with Lexicon branding to help find a name to replace the former company name Atieva.  The mission was simple: “We don’t want it to sound like a car.”

Lexicon worked with their internal teams to find the right name for a company whose mission was to “amaze customers through outstanding performance, beauty, space, and intelligence.”  Finally, after reviewing dozens of potential names, the one that stood out the most was Lucid.

With their first vehicle, the Air, the electric car company is focusing on the high-end electric vehicle category, with luxury features and long-range battery technology.

The first prototype of the Lucid Air was first unveiled in 2016, with production scheduled to being upon completion of the Casa Grande factory.  Eventually, the Air prototype began to turn heads when it beat a Tesla Model S head-to-head in a quarter-mile race, clocking in at 9.9 seconds.

After years of engineering, the Air earned MotorTrend Car of the Year award in 2022, recognized for its unrivaled combination of efficiency, performance, and luxury with EV powertrain technology developed and manufactured entirely in-house.

PRODUCTIONS OF LUCID COMPANY

Lucid only has one production model, the Lucid Air sedan, and one upcoming model, the Lucid Gravity SUV, there are many trim levels within the Lucid Air. The Lucid Air Dream Edition was the first Lucid sedan to launch. It was available in a Dream Edition Performance and Dream Edition Range.

Other Lucid Air trim levels include the Lucid Air Touring and Grand Touring models, the latter available in Performance equipment level as well. The company’s second model, the Lucid Gravity SUV EV is scheduled to launch in 2024.

Lucid Air electric sedan

LUCID COMPANY NET-WORTH

Lucid Group has a market cap or net worth of $8.67 billion as of November 10, 2023. Its market cap has decreased by -61.98% in one year