Lucid Motors (NASDAQ: LCID) is an American luxury electric vehicle manufacturer with divisions in energy storage and original equipment manufacturing. The company was founded in 2007 by Bernard Tse, Sam Weng, and Sheaupyng Lin with headquarters in Newmark, California, United States. The company began as a battery manufacturer before venturing into electric vehicles.
The company trades in the Nasdaq exchange under the ticker LCID after going public in July 2021 through Churchill Capital Corp IV (NYSE: CCIV), a special purpose acquisition company (SPAC) that trades on the New York Stock Exchange.
Lucid aspires to create electric vehicles centered around the human experience. The vehicles are built upon Lucid’s electric powertrain technology and are uniquely developed to deliver a unique experience for both driver and passenger. The company aims to build intuitive, liberating, and vehicles designed for all the ways people get around.
Lucid main competitors
Key Lucid Motors milestones
After years of failure to secure significant funding, Lucid Motors in September 2018 closed a $1 billion deal with Saudi Arabia’s sovereign wealth fund to fund electric car production. The deal helped kickstart the manufacturing of Lucid’s first electric vehicle, the Lucid Air.
In December of 2019, Lucid Motors began constructing its Casa Grande, Arizona, as the first greenfield facility for electric vehicle manufacturing in the United States. As of December 1, 2020, Lucid completed the construction of the factory dubbed AMP-1.
In September 2020, Lucid partnered with eCommerce giant Amazon to build compatibility with Amazon’s Alexa. The feature enables drivers to use the voice assistant for navigation, phone calls, media streaming, and smart home control while driving.
Lucid Motors FAQs
Does Lucid stock pay dividends?
LCID is not currently paying a regular dividend.
What happened to CCIV stock after merger with Lucid?
The CCIV stock weaved into Lucid Motors stock.
What is the main difference between Lucid Motors and Tesla?
Tesla focuses more on the manufacture of premium electric vehicles while Lucid Motors aims to manufacture luxury electric vehicles.
How many cars does Lucid plan to deliver?
Lucid projects to only build 577 cars in 2021, then 20,000 units in 2022.