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Lucid Motors says it has "guaranteed financing". The start of the luxury electric vehicle manufacturer said Monday that the sovereign wealth fund of Saudi Arabia had agreed to invest at least $ 1 billion, subject to regulatory approvals.
This is a big problem for two reasons. First, Lucid is a startup that deserves serious attention, and that should be enough for its first model to be fully operational. Second, it's the same Saudi fund You're here (NASDAQ: TSLA) CEO Elon Musk relied on his now private funding for go-private.
Here is what we know about Lucid and its innovative sedan, which is expected to hit the market next year.
The Lucid Air is an innovative, high performance electric battery luxury sedan that builds on lessons learned from Tesla and others. Source of the image: Lucid Motors.
What is Lucid Motors?
Lucid is an electric vehicle start-up led by veterans of the auto industry, including several former Tesla executives. The company introduced its first model, an advanced luxury sedan called Air, and began working on a factory to build it in Arizona.
It is not an overnight effort. Lucid's chief technology officer, Peter Rawlinson, has a great reputation: he was the chief engineer of Tesla's revolutionary Model S sedan. But note that despite Rawlinson's experience with Tesla, Lucid does not use any of Tesla's patents.
He has assembled an impressive team of industry veterans who bring the experience of Tesla and major automakers and are determined to leverage Tesla's experience in marketing high-end electric vehicles.
What is this new investment?
Saudi Arabia's sovereign wealth fund, called the Public Investment Fund (PIF), is a $ 250 billion private equity fund seeking technology investments around the world. The idea is that PIF will help diversify Saudi Arabia's investments, which are of course highly oil-centric.
PIF has fired a number of electric vehicle companies, including Tesla. When Musk tweeted on Aug. 7 that he had obtained a "financing" for a privatization deal from Tesla, he was counting on PIF – but it seems that he has vastly overestimated the interests of PIF.
What is lucid air?
Lucid Air, the company's first model, is a large electric luxury sedan, fast and innovative. Rawlinson told me last year that his batteries will be using a new generation of lithium-ion batteries developed by Samsung Electronics (NASDAQOTH: SSNLF) this should give him a "revolutionary autonomy". Air will come standard with a 130 kWh battery that will give it a range of over 400 miles rated EPA.
Lucid expects the best-rated Airs to have even faster acceleration than the fast, high-performance Tesla models. It claims a time of less than 2.5 seconds from 0 to 60 miles per hour, with a maximum speed of over 200 mph.
The engines and the transmission of Air have been developed internally. Rawlinson says that engines and air are 'smaller, more efficient and more compact than competitors'. They may also be more reliable, he said – a subtle search at his former employer. Rawlinson took care to speak respectfully of Tesla, but it was clear to this humble idiot that he expected the Air to surpass as much as possible the vehicles of his former employer.
The Lucid Air transmission has been designed internally. He will use a new type of battery manufactured by Samsung. Source of the image: Lucid Motors.
I sat in an Air prototype last year and I was impressed. The interior of the car is spacious and mellow, well lined with high quality materials – again, a step ahead of Tesla's rather austere interiors. Reclining rear seats will be optional; they will provide comfort and legroom, comparable to those of first-class aircraft seats. It must also be quiet inside: a 29-speaker audio system provides active noise cancellation while driving.
Unsurprisingly, with the address of Silicon Valley Lucid – headquartered in Newark, Calif. – the Air will come with a slew of high-tech features, including advanced computer systems. driving assistance and, possibly, autonomous driving.
In the United States, Lucid plans to offer a Level 4 autonomous driving system when it is ready and approved by US regulators. All Airs will come with the necessary equipment for level 4, including lidar sensors, largely provided by Intel (NASDAQ: INTC) Mobileye subsidiary. More advanced driver assistance features, including Level 4 self-driving, will be activated through aerial updates as soon as they are ready.
How much will Lucid Air cost?
Lucid officials told me last year that the first Airs for sale will be fully loaded "Launch Edition" models, priced at around $ 160,000. Standard models will start at around $ 85,000. Lucid hopes to bring back this base price to $ 65,000 over the next few years, just as his suppliers are realizing economies of scale.
Optional on the Lucid Air: reclining rear seats. Source of the image: Lucid Motors.
When will Lucid Air go into production?
Lucid is building a plant in Arizona, and this new investment should be more than enough to bring it to completion. Lucid anticipates that air production will begin in 2019. He plans to produce 10,000 tunes in the first 12 months of production and to increase the number of cars per year to around 60,000 by 2022.
Lucid already accepts reservations for the Air; a refundable deposit of $ 2,500 is required.
So what does all this mean?
Lucid Air is now very likely to come on the market. If it keeps the promises of the company, and I think it will, Air has the potential to establish a new bar for electric vehicle performance and luxury at a totally competitive price level with the big Teslas. What is important, unlike Tesla, Lucid does not have mass market aspirations. This means that he can adjust his production at his own pace and that he can count on the margins of luxury cars provided they experience a luxury experience.
Although Lucid's volume aspirations will not do much harm to Tesla's sales, Lucid could prove to be a headache for Musk and his company. Assuming Lucid delivers, Air has the potential to make the Tesla Model S look like the aging design that it is.
Tesla expects to be considered the most advanced car manufacturer. If the Air ahead of its technological leadership, it could cost him more than a few sales losses. Stay tuned.
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