Lucid Motors took a massive step into the Electric Vehicle market in a year where we saw huge pushes from multiple major companies. Ford announced the relaunch of the Lightning as an electric F-150 and General Motors bringing back the Hummer as an EV. Lucid themselves took a chunk away from Tesla, proving they need to share the road by delivering the initial batch of their luxury EVs. The first group was dubbed the Dream Edition of the Lucid Air, delivered at the end of October to consumers and celebrated across Lucid’s social media platforms. The event was held in Casa Grande, Arizona, the first greenfield dedicated EV manufacturing plant in the United States. Delivery of these vehicles will be celebrated with a Lucid Rally in California.
All of the Dream Edition vehicles came with 118kWh versions of Lucid’s long-range battery pack, featuring 22 modules totaling 6,600 cylindrical cells explicitly designed for range and performance. Through this process, Lucid was able to deliver the industry’s first EV with a range of 500 miles. The Dream Edition is estimated to be able to obtain 520 miles per charge. The car delivers 4.4 miles per kWh. The Grand Touring by Lucid Air can achieve 4.6 per kWh. The Dream Edition packs a surprising 1,111 horsepower, can reach 0-60 in 2.42 seconds, and has an outstanding 9.67 second quarter mile. This is all with the 21″ wheel and tire package, and the 19″ wheel package has an estimated range of 471 miles.
Peter Rawlinson, CEO, and CTO of Lucid Group, commented on the occasion, saying, “creating the Lucid Air has truly been a labor of love, with customer deliveries representing the culmination of years of endeavor from the entire Lucid team… So, I’m truly excited to hand the keys to our first dear customers and accompany them on an inaugural drive through the iconic California countryside.”
Lucid’s mission is to inspire the adoption of sustainable energy by creating unique and luxurious EV’s built around the human experience. The companies first car, the Lucid Air, will be the first in a long line of state-of-the-art luxury sedans with race-proven technology. With the excitement of companies like Ford, Rivian and Lucid taking market share from Tesla and providing the market with some much-needed competition, there are some worries about scaling. Tesla is no longer in a group of itself, and perhaps the Chevrolet Volt once upon a time.
Rivian entered the market with an IPO valuation of $60B despite having 0 sales in early 2021. They were just $8B shy of Ford’s market cap. Rivian is focusing on trucks, while Lucid makes conventional sedans. There is a worry that Rivian may take more business away from Lucid with their R1S SUV, starting at about $70K. Rivian’s trucks only range at about 314 miles. Lucid and Rivian are taking a page out of Telsa’s book and skipping traditional franchise dealerships directly to customers, a long though out of style way of doing business. United States EV sales had surged 57% since last September in 2020. The Biden administration also wants to extend the $7.5k EV tax credit to create more public charging stations.
With Lucid and Rivian delivering their first EV’s this year, the challenge now is to be able to produce the cars in a climate where there are shortages in everything, and the larger automakers are decades ahead of them production wise. Tesla delivered 240k vehicles in Q3, which is 80% of U.S. EV sales. Lucid, Rivian and even Tesla will have a massive challenge catching up to Ford, VW, and General Motors in production.