Up-and-coming Lucid Group, commonly called Lucid Motors, is directly challenging Tesla and legacy automakers in the luxury electric vehicle (EV) market. The company has taken Wall Street by storm with excitement surrounding its Lucid Air sedan and Lucid Gravity SUV.
Lucid has been pounding the table on its technology, saying its car delivers unparalleled power and range. The US Environmental Protection Agency (EPA) estimates called for 503 miles of range from the Lucid Air Dream Edition, the most expensive of the Lucid Air’s four trims.
In mid-September, the EPA gave the Lucid Air Dream Edition Range an official range rating of 520 miles and 933 horsepower, making it the first EV to exceed 500 miles of range. “I’m delighted that our Lucid Air Dream Edition Range has been officially accredited with a range of 520 miles by the EPA, a number I believe to be a new record for any EV,” said Peter Rawlinson, CEO and CTO of Lucid Group. “Crucially, this landmark has been achieved by Lucid’s world-leading in-house EV technology, not by simply installing an oversize battery pack. Our race-proven 900-V battery and BMS technology, our miniaturized drive units, coupled with our Wunderbox technology endow Lucid Air with ultra-high efficiency, enabling it to travel more miles from less battery energy. The next generation EV has truly arrived!”
Lucid Motors Background
The company’s management team consists of top talent from several of the largest tech companies in Silicon Valley, as well as lot of ex-Tesla employees. Lucid’s CEO, Peter Rawlinson, was the chief engineer behind the Tesla Model S.
Lucid went public in July when it merged with a special purpose acquisition company (SPAC) called Churchill Capital IV. The company received US$4.4 billion in cash net of fees that will be used to scale production and further develop its technology.
The company’s Lucid Air will be its first mass produced car. The company will follow Tesla’s marketing strategy by producing its most expensive cars first to achieve the highest margins, before coming down in price overtime as quantity increases.
|Model||Official EPA Estimated Range||Power|
|Lucid Air Dream Edition Range With 19” Wheels||520 miles||933 horsepower|
|Lucid Air Dream Edition Range With 21” Wheels||481 miles||933 horsepower|
|Lucid Air Dream Edition Performance With 19” Wheels||471 miles||1111 horsepower|
|Lucid Air Dream Edition Performance With 21” Wheels||451 miles||1111 horsepower|
|Lucid Air Grand Touring With 19” Wheels||516 miles||800 horsepower|
|Lucid Air Grand Touring With 21” Wheels||469 miles||800 horsepower|
Data Source: Lucid Group
This week, Lucid is hosting a production preview at its Arizona-based manufacturing plant. On Tuesday, Lucid officially began mass production of the Lucid Air Dream Edition sedan. It expects deliveries to begin in late October, announcing reservations now exceed 13,000. “The proprietary EV technology that Lucid has developed will make it possible to travel more miles using less battery energy,” said Lucid CEO Peter Rawlinson. “For example, our Lucid Air Grand Touring has an official EPA rating of 516 miles of range with a 112-kWh battery pack, giving it an efficiency of 4.6 miles per kWh. Our technology will allow for increasingly lighter, more efficient, and less expensive EVs, and today represents a major step in our journey to expand the accessibility of more sustainable transportation. I’m delighted that production cars endowed with this level of efficiency are currently driving off our factory line.”
Lucid Motors thinks it will be able to produce and deliver 20,000 sedans in 2022. The company has achieved an impressive milestone, but it’s going to take a lot more than an EPA rating and the dawn of mass production to make it a successful brand. Lucid will need to establish a reputation for on-time delivery and staying on schedule. It will likely continue burning cash for the next few years. Raising more money at attractive rates depends on its production prowess, a skill it has yet to show.
Lucid has a long road ahead, but it’s already doing great things for the EV industry. For an outside company to come in and produce a car with such impressive specs should signal to legacy automakers that they need to step up their game.
Over the short-term, Lucid its peers will face the challenges of combating the global chip shortage, as well as the threat of increased competition. Given all the interest, it’s clear to see the range race is now hitting its stride, with Lucid holding the crown for now.