Lucid Motors, which went public at the end of July, why don’t you want to be a “Tesla killer”?

Lucid’s mismatch to Bitex seems to be a good choice in every respect.

Tesla is going to usher in the strongest opponent in the U.S. base camp?

According to media reports, Lucid Motors, which focuses on the luxury electric vehicle market, will officially land on Nasdaq at the end of July. Earlier, the US Securities and Exchange Commission announced that Lucid’s registration statement was valid and its stock code would be changed to “LCID”.

What is sacred Lucid Motors? What impact will it have on Tesla?

Lucid is favored by LeTV, BAIC, and Saudi Arabia. What is the background?

Before Huawei , Baidu , Google and other companies specializing in autonomous driving entered the market, Lucid Motors has been hailed as Tesla’s biggest potential rival. This relatively low-key company, formerly known as Atieva, “ATIEVA” stands for “Advanced Technology In Electronic The abbreviation for “Vehicle Application” (advanced technology in the field of electric vehicle applications), the company also positions itself as a new energy vehicle core system provider, and wants to be “Intel in the field of new energy vehicles.”

In fact, Lucid’s founding team can be said to be a gathering of talents. Xie Jiapeng, one of the founders of Lucid, was one of Tesla’s founding directors and was in charge of Tesla’s battery system research and development. Lucid’s co-founder and chief operating officer Wen Shiming, formerly worked for Oracle, executive Derek Jenkins before He is the design director of Mazda North America.

Lucid Motors, which went public at the end of July, why don't you want to be a "Tesla killer"?

Picture from Lucid official website

In terms of financing, the company established in 2009 did not disclose much information publicly.

According to public reports, in 2009, Lucid completed a US$7 million Series A financing, with investors including venture capital firm Venlock and Qingyun Venture Capital from China.

In 2011, Lucid completed another US$24 million in Series B financing, with investors including Mitsui & Co. and JafcoLifeScience.

In 2014, Lucid received a US$100 million financing from BAIC. After the completion, BAIC held 25.02% of the shares and became Lucid’s largest shareholder. In the same year, Jia Yueting led LeTV to participate in Lucid’s Series C financing of US$70 million, becoming the second largest shareholder after BAIC. However, as BAIC and Xie Jiapeng had a disagreement, the latter resigned from the CEO position in 2015 and gradually faded out of Lucid’s affairs. BAIC sold its Lucid shares a year later. And because of an accident, Jia Yueting was rumored to have sold Lucid’s shares.

In 2018, Lucid announced that it would accept a US$1 billion investment from the Saudi Arabian Public Investment Fund.

Lucid fell silent shortly after it became a hot topic due to the financing event in 2018 and Jia Yueting’s relationship. Until recently, it became a topic of public concern again due to the listing news . However, when it comes to new energy car companies, it is natural to look at the products.

Lucid, who has transformed into a car, how is the car doing?

Lucid, a company that originally wanted to be a core system provider for new energy vehicles, has extensive experience in Tesla’s battery management system, and many high-profile executives. Lucid began to provide battery pack systems for other car companies.

Although Lucid received tens of millions of dollars in financing a few years before its establishment , the prospects at the time did not seem to be good. Although the battery system was just needed for new energy vehicles, from the perspective of car companies, the market was so Many battery suppliers, why do I have to choose your product? So Lucid began to try to transform in 2012, and brought in executives and technicians from GM New Energy Vehicles and Tesla and many other auto companies.

Lucid Motors, which went public at the end of July, why don't you want to be a "Tesla killer"?

Picture from Lucid official website, Lucid Air model

In October 2016, Lucid completed its name change and officially started building the car. According to the latest public information, with the cancellation of the production of the Model S Plaid+, Tesla’s longest range model, Lucid Motors’ Air Dream has become the longest range model on the market with a range of about 800 kilometers. According to the latest data, Lucid’s Air Dream, which sells for US$160,000, has reached 10,000 reservations and has been fully booked. Some consumers even paid a prepaid deposit of US$7000 or more in advance. The introduction on Lucid’s official website In China, this car has a cruising range of more than 800 kilometers and the maximum horsepower can reach 1080HP.

According to information from Lucid’s official website, in addition to the Air Dream that has been closed for reservations, Lucid Air is selling three versions of Lucid Air, priced at 69,900 U.S. dollars, 87,500 U.S. dollars, and 131,500 U.S. dollars, of which more than 100,000 U.S. dollars is the version. The cruising range has also reached 800 kilometers, and the maximum horsepower can reach 800HP. The two lower-priced versions are much inferior in these two data.

Lucid also plans to launch luxury SUVs and more electric vehicle models in 2023. In order to further enhance the battery life, Lucid reached a cooperation with South Korea’s LG in February last year to jointly develop batteries. LG plans to provide power batteries for Lucid’s standard version products by 2023.

Although the product looks good, Lucid has not achieved mass production for a long time. What kind of impact will Tesla have on the market now?

No longer focusing on Tesla’s Lucid, focusing on the high-end car market

Since Lucid was founded, many media have given it the title of “Tesla Killer”. Many people believe that Lucid will be Tesla’s strongest opponent. However, Lucid CEO Peter Rawlinson said in an interview with the media last year, Lucid really intends to target traditional luxury brands, such as Mercedes-Benz S-Class, rather than Tesla Model S.

Lucid’s mismatch with Tesla seems to be a good choice in all respects.

For Lucid, 2021 will be a key turning point. Peter Rawlinson said in an interview with the media in May this year that Lucid plans to deliver more than 577 Lucid Air models this year, but this interview did not mention the previously estimated goal of 2022 luxury car sales of 20,000. The reason may be related to Lucid’s production capacity.

Lucid Motors, which went public at the end of July, why don't you want to be a "Tesla killer"?

Picture from Canva drawable, pexels

Compared with Tesla’s super factories in Shanghai, Texas and other places that have been put into production, Lucid’s factory is much inferior. According to public information, Lucid currently only has a plant in Arizona in operation, and only the first phase of construction has been completed.

According to Lucid’s plan, the initial production capacity of this plant will reach 30,000 Lucid Air models per year, but this plan will not be realized until at least 2022, because in Lucid’s process, trials will be carried out in the first half of 2021. Production, and then optimized and debugged the production line, which also resulted in Lucid’s delivery plan for this year only 577 vehicles.

Although Lucid plans to achieve the annual production capacity of 400,000 vehicles after the official completion of the fourth phase of the plant in 2028, it is foreseeable that it may be difficult for Lucid to be within a year or two in terms of time and sales. Has a greater impact on Tesla.

According to public data, Tesla will deliver 499,550 vehicles in 2020, of which approximately 140,000 vehicles have been delivered in China, approximately 95,000 vehicles have been delivered in the United States, and more than 80,000 vehicles have been delivered in Europe. As far as the progress of the Lucid plan is concerned, the timeline for 2028 is too far away, and Tesla has been plagued by negative public opinion from this year, but from the perspective of sales, the impact may not show up until the second half of the year, and Tesla will have sales afterwards. The decline is also likely to be the Chinese region, and this is exactly the region Lucid has not set foot in.

According to information from Lucid’s official website, its current delivery locations are only in the Americas and Europe. Lucid wants to steal a large enough cake from Tesla, which may not be achieved within one or two years, but the timeline will be extended to 2028. At that time, Lucid may have a chance to fight Tesla.

In general, Lucid’s vehicles have not yet been mass-produced, but the products that have released data seem to be pretty good. If they can get a share of the high-end automotive field, it may also be a good choice. After all, now BMW , Volvo , etc. Although the car brands of China are also promoting new energy vehicle projects, they are not as large as Tesla. Perhaps Lucid is well aware of these situations, so he chose to benchmark traditional high-end cars instead of having a “death fight” with Tesla.

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