Lucid Motors, a California-based electric vehicle (EV) company, has surpassed the market value of century-old automotive giants like Ford Motors. Lucid Motors, which began manufacturing its first EVs in September, delivered a few dozen units to customers by late October. The Silicon Valley company is considered a promising player in the emerging EV market, with a market value exceeding $85 billion.
The company’s first model, the Lucid Air Dream Edition, was recognized as “Car of the Year” by MotorTrend. According to the United States Environmental Protection Agency (EPA), it holds the record for the electric car with the longest range on a single charge, covering approximately 520 miles (852 kilometers). Lucid plans to sell 520 units of its exclusive Dream Edition model, priced at $169,000 each.
Despite its luxurious features, including massaging seats and a sturdy glass roof, Lucid’s CEO, Peter Rawlinson, sees the luxury model as a significant step in establishing the brand in the market. Rawlinson, a former Tesla engineer who played a key role in developing the Tesla Model S, left Tesla due to personal reasons and a strained relationship with Elon Musk. He brings a wealth of expertise in electric vehicle engineering, having also worked with Jaguar and Lotus.
Lucid aims to democratize the electric vehicle market, moving from luxury models to mass-market EVs. Rawlinson envisions selling the company’s technology to other manufacturers for the production of low-cost electric vehicles. To achieve this goal, Lucid needs to ensure the viability of its business, despite currently facing losses and challenges. The company acknowledges its lack of experience in large-scale car production, absence of a customer service network, and dependence on Rawlinson. Lucid’s transition from ultra-luxury models to affordable mass-market vehicles remains a key question for the future.
