Tag: Lucid

By on November 8, 2019

A substantial car with a name that implies nothingness will soon have a home.

Lucid Motors, which positioned its vastly powerful Air sedan near the front doors of the 2017 New York International Auto Show, has broken ground on an assembly plant in Casa Grande, Arizona. With suppliers lined up and braintrust in place, all Lucid lacked was a plant — and, for a considerable time, the cash to pull it all off.

Thank the Saudis for riding to the rescue with a check. (Read More…)

By on September 17, 2018

Image: Lucid Motors

The Saudi Arabian investment fund Tesla CEO Elon Musk hoped to tap has instead showered all over Silicon Valley startup Lucid Motors. On Monday, the California automaker announced a $1 billion deal with Saudi Arabia, with the investment going towards the final stages of development, and production, of the Air — an upscale electric five-door expected to come to market in 2020.

The cash should cover the construction of an Arizona production facility the fledgling automaker couldn’t afford to build. Suffice it to say, the domestic, independent car scene just became a little more interesting. (Read More…)

By on August 20, 2018

It’s not a done deal just yet, but a high-tech Tesla rival, headquartered just a few miles away from Elon Musk’s Palo Alto, California base of operations, might receive the Saudi funding the Tesla CEO so desperately craves.

According to sources who spoke to Reuters, PIF, Saudi Arabia’s sovereign wealth fund, is ready to pour $1 billion into Newark, California-based Lucid Motors. The two entities have reportedly drawn up a term sheet for the deal, which would see the the Saudis become a majority owner of the private automaker.

What does Lucid have to offer the Saudis in return for the investment? A large, technologically advanced automobile. (Read More…)

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