Lucid motor3/17/2023 ![]() factory, Casa Grande, Ariz., is being somewhat less generous. Lucid plans to build an assembly plant in China, which would be financed entirely by local and regional government incentives. However, Lucid has had its own setbacks, including abandoning attempts to design its own self-driving technology in favor of using a semi-autonomous system from Mobileye, now part of Intel. Meanwhile, development of the $60,000 Lucid Air has been proceeding well, and it was recently shown reaching 235 mph on a test track. Lucid Motors did not immediately respond to requests for comment. However, a source close to Lucid says that reports of Jia selling his shares are probably untrue. Lucid would be delighted to see the back of Jia and any lingering association with the troubled Faraday Future. Earlier this month, it was reported that Jia said he had sold his stake in Lucid Motors for several hundred million dollars. In May, Jia resigned from LeEco’s parent company amid concerns over its liquidity and his personal finances. Faraday Future has since suffered a series of high-profile mishaps, including a failed demonstration of autonomous technology at CES and the suspension of a $1 billion factory construction project in Nevada. In the summer of 2014, he had quietly formed his own EV company, Faraday Future, to develop and build yet another rival high-end electric car. “That was very disruptive in terms of day-to-day operations.” In April 2016, BAIC sold its shares, which ended up in the hands of LeEco’s owner, billionaire Jia Yueting, two sources confirmed to Recode.Īs it turned out, Jia was just as disruptive as BAIC. “They wanted to be in control of the company,” said a source close to Lucid. ![]() However, BAIC’s involvement did not last long. Early in 2014, Beijing Automotive Industry Holding, one of China’s leading state-owned carmakers, and LeEco, a Chinese internet company, invested $100 million so that Atieva could develop its own vehicle.īAIC was meant to help build and market a sedan to rival the Tesla Model S in China. Founded as Atieva in 2007 by an ex-vice president of Tesla, the company initially focused on batteries and drivetrains for electric cars and buses, building up a valuable store of patents. One source describes the fundraising as “a work in process,” with Lucid sitting on financing offers of more than $200 million while it considers selling the company outright. However, Recode has been told that at least two other unnamed companies are also interested in acquiring the startup, and that the Series D funding round is proceeding in parallel. ![]() Even if Lucid agreed to sell, there would be a period of research and due diligence before the acquisition closed. Ford subsequently presented Lucid with a draft contract called a term sheet. Jim Hackett, Ford’s new CEO, visited the company with a number of executives on June 28. I'm not even sure what else to say.Build or sell? That’s the choice faced by electric vehicle startup Lucid Motors, which is considering several acquisition offers even as it raises money to build its own assembly plant for its Tesla Model S rival, the Lucid Air.Ĭontrary to some reports, Ford is still very much interested in acquiring the Silicon Valley-based startup, according to one person very close to the negotiations. You getting the picture? The quickest production car MotorTrend's ever tested in the quarter is the 2015 Ferrari LaFerrari, which did the deed in 9.7 seconds at 148.5 mph. Fast forward 14 years and the McLaren Senna crossed the quarter after 10.1 seconds at 147.5 mph. Want some context? The original 1,001-hp Bugatti Veyron 16.4 trapped at 139.9 mph and needed a leisurely 10.4 seconds to travel 1,320 feet. Holy cow! Think that's nuts? The trap speed was-I'd lay down for this one-157.3 mph. Making an undisclosed amount of horsepower, though it does have three motors that are capable of 670 hp each (that would be a total of 2,010 ponies), Lucid's newest beast ripped off a quarter mile sprint in-please be seated-9.2 seconds (9.245 seconds, to be specific). Some of you will remember that the Lucid Air dual-motor popped off a 9.9-second quarter mile run.
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