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1. Lucid motors spac merger pro#
2. Lucid motors spac merger series#

Hence, fully in-house built LEAP provides a strong ground for the future development of new product lines and gives Lucid a strategic advantage over its competitors.

Lucid motors spac merger series#

Besides, Lucid’s battery packs are used by racing teams in the world’s premier EV racing series (Formula E), and the company expects its applicability in various fields such as aircraft, military, heavy machinery, agriculture, and marine, which could provide another substantial stream of revenue to Lucid.Īnother important novelty that Lucid brings to the market is the Lucid Electric Advanced Platform (LEAP), which is an innovative powertrain that is going to be used for both product lines that are already under development (Lucid Air and Project Gravity) and all the vehicles Lucid might come up with in the future. More efficient batteries allow one to drive without the need to recharge longer, as well as charge the vehicle faster for the same driving range. Its comparison with other companies is presented in Figure 1. Lucid Motors claims to have the most efficient batteries in the market. The battery represents the most important part of electric vehicles, and its efficiency might be a real game-changer in the highly competitive electric segment of the automotive industry. Source: Lucid Motors Investor Presentation, February 2021 Comparison between Lucid Motors and other EV producers by battery efficiency In comparison to similar Tesla’s Model 3, which starting price points range from $37,790 to $54,990, Lucid’s cars are indeed going to be priced much higher.įigure 1. Lucid’s post-luxury positioning is reflected in its expected price, with prices ranging from $69,900 for the basic Pure model to $161,500 for the all-inclusive Dream Edition model. On the other hand, Tesla, which was the first to combine technology and sustainability in a car, is not true luxury according to Lucid’s management. Lucid claims that long-established luxury brands in the automotive industry, such as BMW, Audi, and Mercedes, do not appeal to the modern generation that highly ranks technology and sustainability. Lucid Motors has four primary areas of differentiation: post-luxury positioning, more efficient batteries, in-house developed powertrain, and a partnership with Electrify America. This, it is becoming increasingly important for every EV maker to differentiate its products not only from conventional manufacturers but also from electric competitors. The market for electric cars has become crowded, with many companies having gone public and others raising significant financing while being private. The manufacturing of Lucid Motors’ second product, which was announced under the name of “Project Gravity”, is expected to take off in 2023. Over the four construction phases, Lucid Motors expects to increase the production capacity of the plant from 34,000 to 365,000 cars per year. In 2019, Lucid Motors closed a $1.3bn round of funding for a huge 67% stake of the company from the Public Investment Fund of Saudi Arabia and initiated the first phase of construction of its manufacturing plant in Casa Grande, Arizona. A prototype of its first car, Lucid Air, was presented in December 2016, though its production has not started yet and is expected to begin in 2021. In October 2016, after hiring ex-Tesla and Mazda executives, the company changed its name to Lucid Motors and announced its pivot to the electric vehicle production business. Even though Lucid, along with its peers, has attracted such a lofty valuation, it remains to be seen whether the company will be able to live up to its investors’ expectations and prove itself as an established car-makers.įounded in 2007 by Bernard Tse and Sam Weng, Lucid Motors started by building batteries and powertrains for other vehicle manufacturers under the name of Atieva. Lucid Motors continues the trend of electric vehicle producers going public without any actual revenue or production.

In the past year alone, reverse mergers with SPACs have taken public electric vehicle makers Nikola, Lordstown Motors, Fisker, Canoo, and Arrival, as well as charging infrastructure companies such as EVgo and ChargePoint.

Lucid motors spac merger pro#

With a pro forma valuation of $24bn, this deal is the largest merger between an EV company and SPAC so far. On 22 nd February, the merger between Lucid Motors, an electric vehicle producer, and Churchill Capital IV Corp., a special purpose acquisition company, was announced.