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Last month, we reported on a rumor that that Saudi Arabia's Public Investment Fund (PIF) was in talks about possibly providing funding to electric car start-up Lucid Motors. The fund would provide an initial investment of $500 million, but would expand it to a billion if certain milestones were met. This morning, Lucid Motors announced that it signed an agreement with the PIF totaling over $1 billion, subject to necessary regulatory approvals. If given the go-ahead, Lucid will use the money to finish building their plant in Arizona, complete development on Air, and begin production by 2020. “By investing in the rapidly expanding electric vehicle market, PIF is gaining exposure to long-term growth opportunities, supporting innovation and technological development, and driving revenue and sectoral diversification for the Kingdom of Saudi Arabia,” said a spokesman for the PIF. The PIF made headlines last month when Tesla CEO Elon Musk revealed the fund as being the provider for the automaker to go private. This was based on discussions between the two, along with the fund purchasing a small stake. But as we reported later in the month, officials at the fund were not so keen on this idea. Source: Lucid Motors -
Last month, we reported on a rumor that that Saudi Arabia's Public Investment Fund (PIF) was in talks about possibly providing funding to electric car start-up Lucid Motors. The fund would provide an initial investment of $500 million, but would expand it to a billion if certain milestones were met. This morning, Lucid Motors announced that it signed an agreement with the PIF totaling over $1 billion, subject to necessary regulatory approvals. If given the go-ahead, Lucid will use the money to finish building their plant in Arizona, complete development on Air, and begin production by 2020. “By investing in the rapidly expanding electric vehicle market, PIF is gaining exposure to long-term growth opportunities, supporting innovation and technological development, and driving revenue and sectoral diversification for the Kingdom of Saudi Arabia,” said a spokesman for the PIF. The PIF made headlines last month when Tesla CEO Elon Musk revealed the fund as being the provider for the automaker to go private. This was based on discussions between the two, along with the fund purchasing a small stake. But as we reported later in the month, officials at the fund were not so keen on this idea. Source: Lucid Motors View full article
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Rumorpile: Saudi Investment Fund In Talks With Lucid Motors
William Maley posted an article in Automotive Industry
Last week, Tesla CEO Elon Musk revealed that Saudi Arabia's Public Investment Fund (PIF) could help provide the necessary funding to make the company private. But a new report hints that the PIF could invest its money into a different electric automaker. Reuters has learned from sources that the PIF is in talks with Lucid Motors about a potential investment. The two have drawn up a term sheet where the PIF could invest more than $1 billion into Lucid Motors and become the majority stakeholder. One source adds that the first investment would only be for $500 million and that subsequent investments would only come if Lucid Motors is able to hit certain production milestones The sources do caution that the talks may not result in a deal. Despite the PIF having $250 billion in assets, Reuters says the fund has already made a number of substantial investments into other things such as a $45 billion investment into a giant technology fund. This leaves them with limited funds, which makes the deal with Lucid more appealing. Banks have estimated that Tesla could need up to $72 billion if Tesla pays the $420 per share announced by Musk a few weeks ago. However, the price could drop if current shareholders keep their shares in the private company. Lucid Motors made a big splash in 2016 with the introduction of the Air. The model made some big promises such as having the interior space of a Mercedes-Benz S-Class and a max range of up to 400 miles on a charge. Lucid was planning to start production of the sedan this year in Arizona. But last year, the company pushed back production to 2019 as they needed to raise more funds. Source: Reuters -
Last week, Tesla CEO Elon Musk revealed that Saudi Arabia's Public Investment Fund (PIF) could help provide the necessary funding to make the company private. But a new report hints that the PIF could invest its money into a different electric automaker. Reuters has learned from sources that the PIF is in talks with Lucid Motors about a potential investment. The two have drawn up a term sheet where the PIF could invest more than $1 billion into Lucid Motors and become the majority stakeholder. One source adds that the first investment would only be for $500 million and that subsequent investments would only come if Lucid Motors is able to hit certain production milestones The sources do caution that the talks may not result in a deal. Despite the PIF having $250 billion in assets, Reuters says the fund has already made a number of substantial investments into other things such as a $45 billion investment into a giant technology fund. This leaves them with limited funds, which makes the deal with Lucid more appealing. Banks have estimated that Tesla could need up to $72 billion if Tesla pays the $420 per share announced by Musk a few weeks ago. However, the price could drop if current shareholders keep their shares in the private company. Lucid Motors made a big splash in 2016 with the introduction of the Air. The model made some big promises such as having the interior space of a Mercedes-Benz S-Class and a max range of up to 400 miles on a charge. Lucid was planning to start production of the sedan this year in Arizona. But last year, the company pushed back production to 2019 as they needed to raise more funds. Source: Reuters View full article
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Rumorpile: Lucid Motors Had Takeover Talks With Ford
William Maley posted an article in Automotive Industry
Electric car startup Lucid Motors has been in process of trying to raise extra cash to move forward with the development of their first model, the Air and a factory in Arizona. But Bloomberg has learned from sources at the startup that Lucid reached out to Ford about a possible sale. Reportedly, Ford said they are not looking for a deal at the moment. Currently, the blue oval is undergoing a 100-day review by new CEO Jim Hackett. Interestingly, a source went on to say that Ford isn't ruling out a deal down the road. For the time being, Lucid has called in Morgan Stanley to help with raising the extra funds. “We don’t have the money in place. That’s why we need to secure Series D,” said Lucid Motors' Chief Technology Officer Peter Rawlinson to Bloomberg back in April. “It would be irresponsible to start moving earth or start anything until we have a financial runway to execute that professionally and with absolute integrity.” When asked about how the investments were going this month, Rawlinson said the company is "thrilled with the response from investors." He declined to comment on the scale of investments and the possible meeting with Ford. A Ford spokeswoman said "We don't comment on speculation." Source: Bloomberg -
Electric car startup Lucid Motors has been in process of trying to raise extra cash to move forward with the development of their first model, the Air and a factory in Arizona. But Bloomberg has learned from sources at the startup that Lucid reached out to Ford about a possible sale. Reportedly, Ford said they are not looking for a deal at the moment. Currently, the blue oval is undergoing a 100-day review by new CEO Jim Hackett. Interestingly, a source went on to say that Ford isn't ruling out a deal down the road. For the time being, Lucid has called in Morgan Stanley to help with raising the extra funds. “We don’t have the money in place. That’s why we need to secure Series D,” said Lucid Motors' Chief Technology Officer Peter Rawlinson to Bloomberg back in April. “It would be irresponsible to start moving earth or start anything until we have a financial runway to execute that professionally and with absolute integrity.” When asked about how the investments were going this month, Rawlinson said the company is "thrilled with the response from investors." He declined to comment on the scale of investments and the possible meeting with Ford. A Ford spokeswoman said "We don't comment on speculation." Source: Bloomberg View full article
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Only a couple of months after electric vehicle start-up Lucid Motors came out of the dark and unveiled an unnamed prototype vehicle, they have unveiled their first model named the Air. The model is taking direct aim at Tesla and their Model S sedan. The Air is powered by two electric motors - one on each axle - and can be paired with either a 100 kWh or 130 kWh battery pack. Total output stands at 1,000 horsepower. In terms of range, the 100 kWh battery pack is estimated to provide over 300 miles and 130 kWh battery pack is estimated to provide around 400 miles. Outside, the Lucid Air looks like something out of Minority Report. The front is short and features slim headlights and 'grille'. The windshield extends over the driver's head to make the interior feel more airy. The back reveals a short decklid and an extended roofline. The interior looks richly appointed with reclining rear seats, a number of screens, and a 29-speaker audio system. Despite overall exterior dimensions being close to a Mercedes-Benz E-Class, Lucid promises interior space to be on par with larger sedans. Lucid Motors is making the Air ready for Level 4 autonomy - a system where it can control the vehicle in most conditions and don't require a lot of attention from the driver. There are six radar modules, eight cameras and four LIDAR sensors around the vehicle. The Air will display any obstacles it detects on the dashboard to give the driver some confidence in the system. Whether the Air will launch with Level 4 autonomy capability remains to be seen as this is still working its way through the legal system. Pricing hasn't been finalized, but Lucid estimates the Air will begin somewhere around $160,000. Production is expected to begin in 2018 at a new factory in Arizona. Source: Automotive News (Subscription Required), Roadshow View full article
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Electric Car Start-Up Lucid Motors Unveils the Air
William Maley posted an article in Automotive Industry
Only a couple of months after electric vehicle start-up Lucid Motors came out of the dark and unveiled an unnamed prototype vehicle, they have unveiled their first model named the Air. The model is taking direct aim at Tesla and their Model S sedan. The Air is powered by two electric motors - one on each axle - and can be paired with either a 100 kWh or 130 kWh battery pack. Total output stands at 1,000 horsepower. In terms of range, the 100 kWh battery pack is estimated to provide over 300 miles and 130 kWh battery pack is estimated to provide around 400 miles. Outside, the Lucid Air looks like something out of Minority Report. The front is short and features slim headlights and 'grille'. The windshield extends over the driver's head to make the interior feel more airy. The back reveals a short decklid and an extended roofline. The interior looks richly appointed with reclining rear seats, a number of screens, and a 29-speaker audio system. Despite overall exterior dimensions being close to a Mercedes-Benz E-Class, Lucid promises interior space to be on par with larger sedans. Lucid Motors is making the Air ready for Level 4 autonomy - a system where it can control the vehicle in most conditions and don't require a lot of attention from the driver. There are six radar modules, eight cameras and four LIDAR sensors around the vehicle. The Air will display any obstacles it detects on the dashboard to give the driver some confidence in the system. Whether the Air will launch with Level 4 autonomy capability remains to be seen as this is still working its way through the legal system. Pricing hasn't been finalized, but Lucid estimates the Air will begin somewhere around $160,000. Production is expected to begin in 2018 at a new factory in Arizona. Source: Automotive News (Subscription Required), Roadshow -
G. David Felt Staff Writer Alternative Energy - www.CheersandGears.com Faraday Future and Lucid Motors, Newest EV Automakers in America! Tesla as well as the Detroit, European and Asian auto companies have new competition. Tesla has seen in the last few years, engineers leave that had alternative dreams / plans that conflicted with Musk. As such this fall 2016 we are seeing coming out of the skunk works mode two new EV auto companies based in California is Farady Future who is already big in F1 E-Racing with over 1,400 employees world wide and Lucid Motors. Both companies have broken ground in Arizona for auto production lines. While there is little spec on motors, battery packs, etc. both companies using a rich background of Tesla Engineers clearly seems focused on building new Green auto's compared to waiting for Detroit to figure this out. Faraday has their F1 racer which also uses the same skateboard platform of which their concept driving around California is using. You can check out plenty of pictures online of heavily disguised CUV type EV. Lucid Motors also has their release pictures which includes their own camo covered auto's. For reading interest you can get more details on either of their web sites listed below. Lucid Motors Faraday Future
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