Will the Lucid Motors Factory Ever be Built?
Lucid Motors is a new electric car company located in California that is financed by a few Chinese investors. The Chief Technical Officer for the company is Peter Rawlinson who formerly worked for their competitor Tesla. The company is slated to build a factory in 2017 in Arizona and produce their first vehicle in 2018 to compete with the Tesla Model S.
As 2017 is coming to a close, Lucid has yet to break ground on its new factory in Arizona despite announcing that it is expanding its headquarters to Newark, California. The company stated that it had outgrew its current headquarters in Menlo Park, California. The factory in Arizona is being delayed because the company is having trouble raising enough capital. The factory is expected to cost over $700 million. This roadblock is not unusual for a new startup and the fact that the company is expanding its headquarters is a good sign.
The new vehicle is expected to be a good car with impressive performance and Lucid is trying to get the price down to appeal to the average consumer. There were also reports that Ford was recently in talks with Lucid about potentially buying out the company.