Learn More About The Electric Car Start-Up - Lucid

Lucid, an electric vehicle start-up company, has announced that it will begin producing its first electric cars for customers. These cars will be available beginning October 2021.
Learn More About The Electric Car Start-Up - Lucid
Learn More About The Electric Car Start-Up - Lucid

The production of the new electric vehicle called "Lucid Air" will kick off in Lucid's Advanced Manufacturing Plant, located in Casa Grande, Arizona. The Advanced Manufacturing Plant in Casa Grande is a multi-billion facility that sits on a 590-acre piece of land, and its construction is still undergoing. Lucid will be availing several versions of the Lucid Air model, including the Lucid Air Dream Edition and the Lucid Air Sedan model. While the Lucid Air Dream Edition is expected to cost around 169000 dollars, the Lucid Air Sedan will cost around 77000 dollars. An executive officer from Lucid said that the company has already received approximately 13000 reservations for the Lucid Air models.

Features of the Lucid Air Dream Edition

According to an official evaluation, the Lucid Air Dream Edition can cover a range of 520 miles or 837 kilometers with a single fully charged electric battery. This range has been acknowledged as the longest or industry-leading range for all the existing models of electric vehicles in the market, with the closest model having a range of at least 100 miles less than the Dream Edition. Owing to the Lucid Air Dream Edition's range, the company has said that it will manufacture only 520 cars of this model. The Lucid Air Dream Edition's industry-leading range will allow customers to drive for long distances without worrying about battery life since the model uses less energy than other previous electric vehicles. Upon announcing the introduction of the Lucid Air Dream Edition, the company's shares in the stock market rose by around 23 percent, and this is believed to be due to the model's unbeatable range.

Lucid Air Sedan Model

The production and distribution of the Lucid Air Sedan model, which is the cheapest of the Lucid Air Dream Edition, is said to begin early next year, and the company has said that it plans to produce 20000 cars of this particular model. It is expected that these vehicles will generate a revenue of at least 2.2 billion dollars for the company. While the ramp-up is quite slow compared to other electric vehicle start-up companies, Lucid said that it is more focused on providing a quality and luxurious customer experience rather than ramping up. However, the company plans to increase the number of vehicles produced soon.

History of Lucid

Previously known as Atieva, Lucid was established in 2007, focusing on producing electric batteries, but the company changed its name to Lucid in 2016 and began focusing on producing electric vehicles. Atieva is now an engineering and technology branch of Lucid that produces electric batteries for electric racing vehicles in the Formula E. Lucid became a public company just recently in July, 2021, after getting listed on the NASDAQ through a SPAC deal. Several other electric vehicle start-up companies have gone public in the last few months, but only Lucid has produced a model that can be sold to customers. With the announcement to produce electric vehicles for the consumers, Lucid is the first start-up company in the electric vehicle industry to sponsor SPAC and achieve this milestone. This achievement has led to Lucid being regarded as a potential challenger to Tesla Motors, which is currently the leading electric vehicle company.

Impact of Lucid's Announcement

Lucid's announcement will certainly positively impact the adoption of electric vehicles and, in general, the adoption of sustainable forms of transportation globally. Lucid has developed a proprietary electric vehicle technology to produce highly efficient, light, and affordable electric vehicles. Increased efficiency and low prices for cars will translate to easily accessible forms of sustainable transportation for all customers globally. Other companies in the electric vehicle industry have also announced plans to establish facilities near Lucid's Advanced Manufacturing Plant in Casa Grande to provide the necessary supplies, which is expected to boost the electric vehicle industry. Some of these companies include lithium battery producers, electric vehicle parts manufacturers, and lithium battery recycling companies.

Lucid will also have a positive economic impact in Arizona and the United States in general. For example, the Advanced Manufacturing Plant is expected to create thousands of direct jobs for residents of Arizona and other nearby places, and this, in turn, will contribute millions of dollars to the United States economy over the next few years. The other companies planning to build facilities to be supplying materials for Lucid will also create thousands of jobs which will boost not only the economy but also the motor vehicle industry as well. These developments will also contribute towards the efforts of environmentally sustainable forms of transportation.

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