Lucid Motors Raising Funds with New Money from Saudi Owners
Lucid Motors, an electric vehicle startup, is raising about $3 billion in new money from its Saudi owners. The company is planning to use the funds to expand its production capacity and launch its first electric vehicle, the Lucid Air.
Lucid Motors’ Background
Lucid Motors was founded in 2007 by Sam Weng and Bernard Tse. The company was initially focused on developing advanced battery technology for electric vehicles. In 2013, the company received a $131 million investment from the Chinese automotive company BAIC Motor. In 2018, Lucid Motors received a $1 billion investment from the Public Investment Fund of Saudi Arabia.
Lucid Air
Lucid Motors is planning to launch its first electric vehicle, the Lucid Air, in late 2021. The Lucid Air is a luxury electric sedan that is expected to have a range of up to 400 miles on a single charge. The vehicle will also feature a host of advanced driver-assistance systems, including adaptive cruise control, lane-keeping assist, and automatic emergency braking.
Fundraising Efforts
Lucid Motors is now raising about $3 billion in new money from its Saudi owners. The company is planning to use the funds to expand its production capacity and launch the Lucid Air. The company is also planning to use the funds to develop a new electric SUV, the Lucid Gravity, which is expected to be released in 2022.
Competition
Lucid Motors is entering a crowded market for electric vehicles. The company will be competing with established automakers such as Tesla, General Motors, and Volkswagen, as well as startups such as Rivian and Fisker. Lucid Motors is hoping that its advanced battery technology and luxury features will give it an edge over its competitors.
Future Plans
Lucid Motors is planning to use the funds from its Saudi owners to expand its production capacity and launch the Lucid Air. The company is also planning to use the funds to develop a new electric SUV, the Lucid Gravity. In addition, the company is planning to expand its presence in Europe and Asia.
Conclusion
Lucid Motors is raising about $3 billion in new money from its Saudi owners. The company is planning to use the funds to expand its production capacity and launch its first electric vehicle, the Lucid Air. The company is also planning to use the funds to develop a new electric SUV, the Lucid Gravity. Lucid Motors is entering a crowded market for electric vehicles, but is hoping that its advanced battery technology and luxury features will give it an edge over its competitors.