Possible Takeover Of Lucid Motors Could Be In Works By Ford
The Menlo Park, California based electric vehicle startup Lucid Motors has been working on an electric vehicle since its founding in 2007. Word is now that the company is in the stages of new funding with the possibility of having Ford’s Electric Vehicle division taking over operations of the company.
According to reports, Lucid executives have hired Morgan Stanley with hopes of raising money to help with the further development of their vehicle and hopes of building a new processing plant in Arizona. Lucid representatives have approached Ford brass about a possible sale of the company with Ford currently saying that they are not immediately interested but insiders are saying that Ford is contemplating a possible deal.
Ford CEO Jim Hackett could not be contacted about a possible Lucid Motors deal or if the two companies were in negotiating talks. It is being said that no comments from Hackett will come anytime soon as the company is currently in a self mandated, 100 day review of the plans and goals of the company.
Lucid Motors was started with the intention of being a rival to Elon Musk’s Tesla Motors. The company is staffed primarily of former engineers and employees of Tesla. Recent video has showed the Lucid Motors Air vehicle model being able to reach speeds in excess of 235 miles per hour. The starting price of the Lucid Motors Air vehicle is said to be at $60,000.