Company Overview
Lucid Motors was founded in 2007, based in Newark, with a different name and mission. The company, called Atieva at the time, focused on developing electric car battery technology. It then shifted to producing electric cars and changed its name to Lucid in 2016. Lucid Motors chose a 500-acre property in Casa Grande, Arizona for the factory. Its Vehicle Models include The Lucid Air, Air Touring, Air Grand Touring, Air Dream Edition. The earliest edition will be Air Dream Edition, which is expected in Spring 2021 at a pricing starting from $161,600 USD. The latest is Air, which is expected in early 2022, at a pricing starting from $69,900 USD. In February 2021, Lucid Motors announced a deal valued at $11.75 billion to merge with Churchill Capital Corp IV (ticker CCIV), a publicly traded special-purpose acquisition company.
https://en.wikipedia.org/wiki/Lucid_Motors
Who is the Executive Team?
| Title | Name | Experience |
| Board Member & Co-Founder | Bernard Tse | Bernard Tse has many years of experience with electric vehicles and over 20 years of entrepreneurial and executive management experience in the US and in Asia.
Prior to founding Lucid Motors, Bernie served on Tesla Motors’ Board of Directors. |
| CTO & CEO | Peter Rawlingson | Peter has over 30 years of vehicle engineering experience and is best known for developing the Tesla Model S.
Formerly Vice President of Vehicle Engineering at Tesla and Chief Engineer of the Model S, Prior to Tesla, Peter was Head of Vehicle Engineering at Corus Automotive, Chief Engineer at Lotus Cars, and Principal Engineer at Jaguar Cars. In these roles, Peter developed key innovations for Alcoa, Aston Martin, BMW, Daimler, Ford, GM, Audi, Bentley, Jaguar, Land Rover, Lockheed Martin, and Prodrive. Peter holds a B.Sc. in Mechanical Engineering from Imperial College, University of London. |
| VP of Business Development | Henry Li | Before joining Lucid, Henry was Vice President of HiSoft, a leading software and service company in China
Prior to HiSoft, Henry was the General Manager of IP Dynamics, a Silicon Valley security software company, where he built up the Chinese operations from scratch. Henry was also a manager at China Posts and Telecommunication Industry Corporation, where he was responsible for joint ventures and strategic alliances. |
| VP of Design | Derek Jenkins | Before joining Lucid, Derek was the Director of Design at MazdaNorth America Operations. He was the lead or contributing designer to the 2016 MX-5 Miata, Shinari Concept, CX-5, Mazda6, Mazda3, and the 2017 CX-9.
Prior to his tenure with Mazda, Derek spent nine years as the Chief Designer for Volkswagen North America. |
| VP of Hardware Engineering | Eric Bach | In 18 years of leadership, Eric has guided numerous vehicles to market for both Volkswagen AG and Tesla Motors. |
Investors
Some of Lucid’s 500 employees as of 2016 had previously worked at other car companies such as Tesla and Mazda, including Peter Rawlinson, the former VP of Engineering at Tesla, and Derek Jenkins, the former Head of Design at Mazda North America Operations. The company has seen investments from Tsing Capital, Mitsui, Venrock, JAFCO, and others,providing an estimated US$131 million by 2016. Venrock, Mitsui, and JAFCO are still current investors in the company.
Current Investor Lists
- Saudi Arabia?s Public Investment Fund
- Mitsui & Co
- Jafco Life Science
- China Environmental Fund
- Venrock
(sources: https://www.crunchbase.com/organization/atieva/company_financials)
Funding by Saudi Investment Fund
Lucid Motors received 1 billion dollar in funding from Saudi Arabia?s sovereign wealth fund, With this fund, Saudi Arabia now owns more than half of Lucid Motors. Saudi Public Investment Fund (PIF). The investment financed Lucid Motor?s 2020 commercial launch of its first electric vehicle, the Lucid Air. Under the agreement, Lucid will use the funding to complete engineering development and testing of the Lucid Air; construct its factory in Casa Grande, Arizona; begin the global rollout of its retail strategy starting in North America; and enter production for the Lucid Air.
The Public Investment Fund was originally established in 1971 to facilitate the development of the Saudi Arabian national economy. In 1974, PIF was mandated to hold equity positions in join-stock ventures within its domestic economy.
The ?Public Investment Fund seeks to become one of the largest sovereign wealth funds in the world. To achieve this, the Fund is building a world-class, diversified portfolio through investments in attractive, long-term opportunities at both the domestic and international level.