- Just a few budding EV startups are making good on their guarantees to shake up the auto {industry}.
- Lucid Motors, a startup in Newark, California, is one among them, specialists and analysts say.
- Here is Lucid’s sport plan, led by CEO Peter Rawlinson, to understand its ambitions.
Lucid Motors is one among many corporations attempting to make a reputation for themselves throughout the attempting world of electrical autos.
Not like many different nascent gamers which have floundered below intense capital expenditures and manufacturing challenges, the startup in Newark, California, is to date holding its personal in opposition to the likes of Rivian. However CEO Peter Rawlinson has his sights aimed fairly a bit increased than that.
There’s a lot going for Lucid proper now: The corporate went public this 12 months, pushed its first automobiles off meeting strains, and hit a significant EPA-range milestone on its flagship car.
Under, you possibly can learn extra about Lucid’s management, its efficiency in opposition to different {industry} contenders, and its latest successes and
SPAC
deal. Nonetheless, the startup is not exempt from the challenges dealing with a altering {industry} — you possibly can learn extra on that, too.
CEO Peter Rawlinson leads the corporate
On the helm of Lucid is Peter Rawlinson, a former chief engineer of the Mannequin S below Elon Musk, Tesla’s CEO. He left Tesla after three years, feeling annoyed and restricted in his work there.
Rawlinson, 63, is a mechanical engineer by coaching. He joined Lucid as CTO in 2013 and rose to energy as CEO in 2019. He is decided to steer in the identical area that is seen the rise and fall of different EV startups, akin to Nikola, Lordstown, and Faraday Future.
Sources instructed Insider that Rawlinson’s major motivation was beating Tesla and one-upping his previous boss. He mentioned he needed to construct the “greatest automotive on the earth.”
Learn extra:
Lucid as a contender
Alongside Rivian, Lucid is broadly thought of Tesla’s most promising rival.
The corporate is making its debut with its flagship luxurious sedan, the Air. First up is the $169,000 Dream Version that gives a 520-mile vary. The automaker has plans to launch cheaper variations sooner or later, and it is also growing an SUV, the Gravity.
Sources instructed Insider that the Air was every part Tesla’s Mannequin S wasn’t: It is received 115 miles extra vary, extra acceleration, and a special tackle a minimalist inside. Because of this, many discovered the car — and the corporate — a powerful contender.
Learn extra:
2 of Tesla’s most promising rivals are picking up steam
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Changing into noteworthy
Lucid has made many headlines in latest months. It not solely hit an EPA score of 520 miles but in addition began getting autos off meeting strains. The corporate mentioned it deliberate to start buyer deliveries in October.
Traders and {industry} specialists are usually bullish in regards to the firm, saying it is constructed to final and a superb place for budding entrepreneurs and engineers to start out their careers.
Learn extra:
EV startup Lucid’s first car can travel 520 miles on a full battery — beating Tesla by 115 miles
Experts say many electric-car startups are doomed to fail — but these 5 are built to last
The 5 best companies to bet your career on in the booming electric-vehicle industry
SPAC deal
Earlier this 12 months, Lucid adopted the footsteps of many different EV startups and went public by way of a reverse merger with a particular goal acquisition firm. The take care of Churchill Capital IV introduced in a whopping $4.5 billion — the biggest SPAC deal the {industry} has seen.
However the place others fell laborious after taking their corporations public by way of SPAC, Lucid has usually seen success.
Learn extra:
Lucid Motors spikes 20% in public debut as CEO says it’s well-positioned to compete with Tesla
Trade and inner challenges
Whereas Lucid is a powerful participant on the earth of EVs, many challenges — each particular and industry-wide — may stand in the best way of its long-term success.
Provide-chain points have wreaked havoc on main automakers throughout the globe. Lucid has struggled to construct relationships with suppliers that do not essentially wish to place their bets on a dangerous startup. Getting the Air out noticed a couple of delays, and high quality management could show very important for any electric-vehicle startup attempting to outdo Tesla. It is no straightforward feat to construct an all-star crew, ramp up brand-new manufacturing processes, and ship probably the most environment friendly EV on the earth.
Learn extra:
2 of Tesla’s most promising rivals keep getting delayed
Are you a present or former Lucid worker? Do you’ve a information tip or opinion you’d wish to share? Contact this reporter at astjohn@insider.com.