California-based Lucid Motors seems ready to come to the market.
After years of delay, the Lucid Air all-electric sedan is slated to go into the production in a matter of weeks. Lucid Motors made an important move in June when it opened a studio in Manhattan’s Meatpacking District. It is the eighth combined store and showroom in place in major cities across the country. As many as a dozen more should follow by year’s end.
“Opening a Lucid Studio in New York, one of the most vibrant cities in the world, allows us to demonstrate how Lucid Air and its groundbreaking technology perfectly complement the fast pace and refined taste of the Big Apple,” said Peter Rawlinson, CEO and CTO, Lucid Motors. “It’s also the perfect time to open our first Lucid Studio in New York, as we will add significantly to a city that is returning to form in delivering the world’s greatest experiences to residents and travelers alike.”
Based in Newark, California, Lucid Motors will build its four-door sedan at a facility in Casa Grande, Arizona. The final testing of the vehicle is underway with the company expecting EPA confirmation of a 400+ mile range for its standard model and at least 500 miles for two of its most advanced versions.
Four Models Available
The standard Lucid Air is the Pure Air edition with a retail price of $77,400, not including the $7,500 federal tax credit. This one has 480 horsepower on tap and a projected range of 406 miles.
Several more trims and special editions are planned, including a $95,000 Air Touring edition. This one maintains the same range as the Pure Air, but delivers an estimated 620 horsepower. For $139,000, customers may opt for the Air Grand Touring edition with 800 horsepower at its disposal. This trim advances the longest projected range too, coming in at 517 miles.
Topping the product line is the Air Dream Edition with a starting price of $169,000. This model trades away a slight amount of its range (estimated 503 miles) for more power. Specifically, a whopping 1,080 horsepower.
Again, the prices do not reflect the $7,500 federal tax credit that also adjusts downward for high-wealth individuals. Lucid Motors includes three years of free Electrify America charging. Freight charges and other ancillary costs are not included.
Merger With Churchill Capital Corp IV
Even as Lucid Motors prepares to launch its first model, the company is in the process of merging with Churchill Capital Corp IV. Churchill will have a special meeting of stockholders on July 22 to vote on the merger. It is expected to pass.
Earlier this year, Churchill and Lucid announced the merger, with the two companies combining at a transaction equity value of $11.75 billion. The transaction supplies Lucid with much-needed cash, which will enable it to bring the Lucid Air to market. Once the merger is complete, the new entity will have a value of $24 billion. The Churchill name will go away and Lucid Motors will represent the new enterprise.
Lucid Motors expects to build approximately 20,000 units in its first year, with the ability to expand to 130,000 units. With a future expansion planned, the facility will expand to hand upwards of 380,000 units annually.
The Lucid Air is the first of several models planned by the company. Come 2023, we may see an SUV. Also, a lower-cost model rivaling the Tesla Model 3 is in the planning stages and may hit the market in 2025.
Besides Lucid Motors, other upstart electric vehicle manufacturers are also poised to jump in. Rivian may be the best known and financially strong of them all, with Bollinger Motors and Lordstown Motors also planning launches. We’ll also see a slew of new EVs from traditional OEMs, giving shoppers much to consider as they weigh their purchase decisions.
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