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Lucid Motors is one of the hottest electric vehicle (EV) start-ups hitting public markets this year, recently announcing that it will merge with Churchill Capital IV (NYSE: CCIV), a Special Purpose Acquisition Company (SPAC). Electric pickup and SUV maker Rivian plans to go public in 2021, though it opts for a traditional IPO instead of the SPAC route. EV shares have exploded in recent months in hopes that the Biden administration will pursue policies to promote EV adoption.
As the largest pure-play EV manufacturer, there will always be some inevitable comparisons with You’re here (NASDAQ: TSLA). This is especially true for Lucid, since the company was founded and is currently managed by former Tesla executives, and the new entrant is also pursuing many of the same go-to-market strategies. Lucid CEO Peter Rawlinson presented the competition in the electric vehicle market as a technology race. Here are three major technological advantages that Lucid claims to have over Tesla.
Image source: Lucid Motors.
Bidirectional charging
A notable feature of the future Lucid Air sedan is the planned support for two-way charging, which will facilitate vehicle-to-vehicle (V2V) and vehicle-to-grid (V2G) charging.
As a rule of thumb, when an electric vehicle runs out of juice, you need to tow it to the nearest charger as there is no convenient way to get power to the car. Unlike a plastic gas canister, EV batteries often weigh around 1,000 pounds. Being able to charge an electric vehicle on another electric vehicle can potentially offer a more practical solution in an emergency.
Speaking of emergencies, the recent winter storms that hit Texas reminded everyone how essential it is to have access to electricity. While many of the issues that plagued Lone Star State’s power grid are unique to Texas, the crisis has highlighted another possible use case for having a huge EV battery in your garage.
In the event of a power outage, a Lucid Air owner will soon be able to power their entire home using the vehicle’s high-voltage battery. The functionality is facilitated by a proprietary technology that Lucid calls a Wunderbox, the on-board charging unit.
It’s worth noting that Tesla vehicles are technically capable of this – hackers and tinkerers have connected Teslas to power a house – but the company has chosen not to officially support it for some reason. In fact, using a Tesla as a stationary power source will explicitly void the vehicle’s warranty. Maybe Tesla just prefers people to buy Powerwalls separately instead.
Higher efficiency
Few areas are as critical to an EV as efficiency, typically measured in watt-hours per mile (Wh / mi) or miles per kilowatt-hour (mi / kWh). Everything from charge speed to estimated range depends on this critical metric. The higher the efficiency, the longer the vehicle’s range and the more kilometers it can add while charging.
Rawlinson noted that consumers really care about the range functionality they can add over a certain unit of time, not how many kWhs they put in their cars. Lucid says the Air can hit over 4.5 mph, compared to around 4 mph for the Tesla Model S. Other rivals are below 3 mph.
Image source: lucid presentation to investors.
Additionally, higher efficiency allows an electric vehicle to travel a specific range with a smaller battery. With batteries being by far the most expensive component of any electric vehicle, reducing the size of the pack required paves the way for a lower price for the electric vehicle itself over time.
A smaller, more powerful drive unit
Lucid has also made impressive progress in miniaturizing its drive unit, which consists of a permanent magnet motor, inverter, and transmission. In doing so, the company claims to have a significantly higher power-to-weight ratio, measured in horsepower per kilogram (hp / kg). At 9 hp / kg, the Air’s drive unit is far superior to its rivals closer by a ratio of 3.
Image source: lucid presentation to investors.
Anyone familiar with a Tesla drive unit can recognize that the 3.2 hp / kg in the table above represents the dominant EV leader, while the 3.1 hp / kg unit appears to be General Motors“Chevy Bolt. Having a higher power-to-weight ratio also contributes to greater efficiency, while allowing Lucid to make more room for other components or a more spacious cabin.
Moving forward
Lucid’s EV technology is undeniably impressive, but it has yet to prove that it can deliver these kinds of results in real environments. Of course, Tesla also has its share of perks, such as a Supercharger network which is the most convenient and intuitive of all charging networks, the most powerful pure-play EV brand which commands an extremely loyal customer base and a CEO passionate about memes. who can grab the world’s attention with a tweet.
More importantly, these comparisons don’t mean that Lucid is superior to Tesla overall – I’ve been a Tesla investor for over a decade and have owned multiple Tesla. Rather, it is a continuous innovation of EV technology over Internal Combustion Engine (ICE) technology, and competition among EV specialists will be the most powerful driver of innovation. As Lucid pushes Tesla to push the boundaries even further, the more both companies can accelerate the adoption of electric vehicles more widely.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.
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