Remember the Lucid Air EV? Yes, we’re talking about the electric sedan that claims to be able to sprint from zero to 62 mph in just 2.5 seconds. It was unveiled in 2016, and three years later, its production has yet to start. That might soon become a reality though as Lucid Motors confirmed plans to commence production in late 2020.
Lucid is rather slow in turning its plans into reality. The carmaker initially planned to start production in 2018, but that failed to materialize. If you’re wondering how Lucid got into such a situation, the answer is quite simple: the company doesn’t have enough money.
We have to admit that what Lucid plans to do is quite ambitious, but it did lack the necessary funding – an issue that the startup acknowledged two years ago. In fact, at the time, there was speculation that the company was trying to have itself acquired by Ford.
If funds were an issue, all Lucid needed to do was find an investor. Good thing for Lucid that a wealthy investor was interested in pouring a great deal of money into the company. This investor is the Public Investment Fund of Saudi Arabia (PIF), a sovereign wealth fund serving as the main investment arm of the Kingdom.
Thus, in September 2018, Lucid inked an investment agreement worth more than $1 billion with PIF via a special-purpose vehicle wholly owned by the sovereign wealth fund. The auto company announced in April 2019 that it has closed the investment deal with PIF.
Now, Lucid recently announced that it has broken ground on its new manufacturing facility in Casa Grande, Arizona. The company disclosed that grading already commenced in September and the caissons – which serve as the structural foundation of the factory – are now being drilled and formed.
While waiting for the investment to close, Lucid Air underwent beta vehicle testing and the company inked a vehicle charging network partnership with Electrify America. In addition, Lucid had its team move into its new headquarters in Silicon Valley.
The base version of the Lucid Air will be priced around $52,500 after tax incentives. Featuring a rear-wheel drive system, the base model comes with an electric powertrain that could deliver 400 hp of output and 240 miles in range on a single charge. Larger battery packs will be available, allowing the Air to go as far as 315 miles or 400 miles.
If you want more performance, a hardcore version will also be offered. Featuring an all-wheel drive system, this variant offers 1,000 hp of eye-popping output and 400 miles of electric range.
Costing more than $100,000, the high-performance variant can accelerate from a standstill to 62 mph in just 2.5 seconds. Could this end up being a challenger to the Tesla Model S? Let's wait and see.