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Startup Lucid Motors Aims to Share Its EV Tech
Lucid Motors Inc., which aims to launch its first electric vehicle in 2020, says it is in talks to share its technology with other carmakers and plans to float an initial public offering in a few years.
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Lucid Motors Inc., which aims to launch its first electric vehicle in 2020, says it is in talks to share its technology with other carmakers and plans to float an initial public offering in a few years.
Chief Technology Officer Peter Rawlinson tells Bloomberg News the company has dropped earlier plans to sell itself outright, perhaps to Ford Motor Co. Now it is searching for a carmaking partner to help it develop and produce its EV powertrain system, according to Rawlinson.
Lucid, which was formed in 2007 as Atievea Inc., secured more than $1 billion in funding last September from Saudi Arabia’s Public Investment Fund. Initial financial backing came from Chinese investors.
The company aims to launch production of its initial model, the $60,000 Air EV, at a $700 million factory in Casa Grande, Ariz. The five-passenger sedan is expected to come with a base rear-drive powertrain that generates 400-hp and can travel 240 miles per charge.
Lucid says a limited-edition, $100,000 Air Launch iteration will have two motors that make 1,000 hp, all-wheel drive and a range of 315 miles.
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