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Lucid Motors History & Ownership

3378 Views 2 Replies 3 Participants Last post by  Twerq
I discovered some interesting information about Lucid after spending some time looking into them:

Lucid was founded in 2007 under the name Atieva and originally focused on building electric vehicle batteries and powertrains for other vehicle manufacturers.

Some of Lucid's 500 employees previously worked at other car companies such as Tesla and Maznda, including Peter Rawlinson, the former VP of Engineering at Tesla, and Derek Jenkins, the former Head of Design at Mazda North America Operations. The company has seen investments from Tsing Capital, Mitsui, Venrock, JAFCO, and others, providing an estimated US$131 million by 2016. Venrock, Mitsui, and JAFCO are still current investors in the company.

The company rebranded to Lucid Motors in October 2016 and officially announced its intent to develop an all-electric, high-performance luxury vehicle.

On November 29, 2016, state and company officials announced the planned construction of Lucid's US$700 million manufacturing plant in Casa Grande, Arizona, which was projected to employ up to 2,000 workers by the mid-2020s, initially building 20,000 cars and expanding up to 130,000 cars per year. The factory is designed for a maximum capacity of 380,000 cars per year.

On September 17, 2018, Lucid Motors announced that they were in talks with the Public Investment Fund of Saudi Arabia for a funding valued at over $1 billion. The investment was completed in April 2019. The investment will fund: the final engineering and testing of the Lucid Air model; the first-phase construction of its manufacturing plant in Casa Grande, Arizona; the commercial production of the Lucid Air; and Lucid's worldwide retail strategy, beginning in North America.Construction of the plant began in late 2019.

Source: Wikipedia

At the time of writing, the Public Investment Fund of Saudi Arabia owns 67% of Lucid.

Several Chinese investors are also involved, some mentioned above. One of them, Jia Yueting (a Billionaire), is also invested in Faraday Future and likely others as well (if not, soon). You can expect this approach from nearly every other investor.

With the Lucid Gravity being official now and SUV sales massively outperforming every other passenger car segment, we might see more funding deals go through with existing investors or new ones.
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Apparently Jia Yueting owns somewhere around 20% of Lucid. At least in 2018 he did.

The problem with locking down a larger funding round could be coming from the man behind rival startup Faraday Future. Jia Yueting, the founder and CEO of Faraday Future, still owns a more than 20 percent stake in Atieva that he bought in 2016.

Lucid also received a $30 million loan from Trinity Capital, an Arizona hedge fund back in 2017.

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I was also surprised for the information that Lucid was founded in 2007 under the name Atieva. I somehow checked the vincode with the help of Carfax and Epicvin of this car and the data sheet indicated Lucid, and Atieva was displayed in the decoder. Is it possible that I asked myself a question?
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