Genesis And Lucid Rumored To Join Forces On EV
South Korean media is reporting that Hyundai Motor Company will be purchasing electric motors from Lucid for future all-electric vehicles. The units are supposedly going to be installed into Genesis products as a way to ensure its EV technology is on the cutting edge.
The Sisa Journal was the first to report the news in Asia, with AutoBlog relaying the information to Western audiences. While this remains little more than a rumor, there has been some circumstantial evidence to support the claim.
Hyundai CEO Jang Jae-hoon was allegedly spotted visiting Lucid's headquarters in Newark, California earlier this year. Chairman Chung-Eui-sun has made at least one appearance there, too. We also know that Lucid vehicles have been spotted testing in South Korea despite the company not yet selling on that particular market.
There are plausible explanations to the above that have nothing to do with selling motors. For example, Lucid is known to be buying a bevy of new parts from Korean suppliers and may simply be testing them nearby. Hyundai is likewise fairly competitive in the all-electric space, making it a little harder to understand why it would be looking for additional help. However, having a CEO visit a rival company is usually a signal that something serious is under discussion.
From AutoBlog:
We know Hyundai's throwing huge resources at developing in-house platforms and motors, so why would it potentially make a deal with Lucid? SJ says Genesis is aiming to release the production version of the Genesis X Convertible Concept onto the market by 2026. That's the droptop company execs reportedly previewed to dealers in January 2023 with Bentley in its sights. Now only two years away, SJ writes that Genesis saw the finish line looming and decided that "application of Lucid's high-performance electric motors is relatively efficient in terms of time and cost." The fact that Lucid's motors have proved themselves in terms of refinement, range, and output in a luxury segment where Genesis wants to play would also work in favor of a theoretical collaboration.
The report also said part of the fine-toothed work includes "ironing out details such as the pricing of the electric motors and the specific models they will be integrated into," hinting the power units could end up in more than just the convertible.
As of now, Hyundai has said it’s unable to confirm anything. But the Sisa Journal cited a South Korean industry source who confirmed that top-level Hyundai’s CEO had indeed teamed up with Luc Donckerwolke (president, and chief creative officer of Hyundai Motor/Genesis) to discuss business with Lucid’s top brass. The source even alleged that they had seen a photo of the resulting meeting and that the details of the trip were shared with chairman Chung Eui-sun.
[Image: Hyundai]
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Consumer advocate tracking industry trends and regulations. Before joining TTAC, Matt spent a decade working for marketing and research firms based in NYC. Clients included several of the world’s largest automakers, global tire brands, and aftermarket part suppliers. Dissatisfied, he pivoted to writing about cars. Since then, he has become an ardent supporter of the right-to-repair movement, been interviewed about the automotive sector by national broadcasts, participated in a few amateur rallying events, and driven more rental cars than anyone ever should. Handy with a wrench, Matt grew up surrounded by Detroit auto workers and learned to drive by twelve. A contrarian, Matt claims to prefer understeer and motorcycles.
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Most KIA/Hyundais are based on the e-gmp modular platform, but not all, and that's where I see Lucid's drivetrain coming in. It is arguably the most efficient, powerful and importantly, compact drivetrain in the business. A car like the Genesis G80 or GV70, which are derived from ICE cars, could benefit from these characteristics as batteries and motors are shoehorned into the chassis.
Probably another way to spread the EV manufacturing risk, especially with the ever changing tariff and tax credit/subsidy situation all over the world. With enough shared engineering it will be easier to share production capacity between the two companies.