We have written on Lucid in the past, the new electric car company taking a run at the behemoth Tesla. Electric cars are the future, especially with the millennial generation, so that’s why today’s announcement was an eye-catcher.
The Arizona-based Lucid Group Inc. began trading today on the Nasdaq Global Select Market (new ticker symbol “LCID”), after completing a merger with Churchill Capital Corp IV. The transaction brings in $4.4 billion. And that will accelerate growth and expand manufacturing capacity to meet anticipated demand. The company says they already have 11,000 paid reservations for the Lucid Air (above image). Those are scheduled for delivery in the second half of this year.
Lucid Group accelerates EV launch
The company’s principal manufacturing factory is in Casa Grande, AZ. Lucid has proprietary electric powertrain technology. They plan to offer a broad range of products beyond the initial Lucid Air sedan. They’re currently producing those vehicles at its Arizona factory and is conducting quality validation checks as a precursor to customer deliveries.
Featuring luxurious interior space in a mid-size exterior footprint, select models of Air are expected to be capable of a projected EPA range of over 500 miles.
Lucid aims to take the Tesla Model S head-on in just about every department. The Air luxury sedan is a zero-emission luxury sanctuary that combines every facet of a conventional luxury car along with a genre-bending EV. It is the brainchild of Peter Rawlinson, the CEO and CTO, Lucid Group. He worked on the Model S. Rawlinson has applied all those learnings along with honing the recipe in the quest for the ultimate luxury EV.
11,000 paid reservations for Lucid Air
“Lucid has industry-leading technology, clear demand for its products. And it is on track to deliver revenue-generating cars to customers in the second half of this year,” says Michael S. Klein, chairman and CEO of Churchill Capital Corp IV. “We are excited to support Lucid’s transition into a public company. We’re confident in its ability to address unmet needs in the automotive industry. That is moving towards electrification at a rapid pace and on a global scale.”