Jul 26, 2021
 in 
LUCID NEWS

LUCID MOTORS WANTS TO EXPAND ELECTROMOBILITY SPACE BEYOND JUST CARS

LUCID MOTORS WANTS TO EXPAND ELECTROMOBILITY SPACE BEYOND JUST CARS

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Now that merger is complete Lucid Group Inc. has set its focus on expanding and expanding fast. In Peter Rawlinson's (CEO & CTO) Nasdaq presentation he gave Monday morning, he mentioned a few sections where the technology division of the Lucid Group will focus on besides EVs and powertrain technology. Rawlinson Stated, "The Lucid Group will provide technology for all forms of transport including EVTOL, and marine transportation."

In Rawlinson's Nasdaq presentation, he touched on the Casa Grande factory starting phases 2 and 3. "The 4.4 Billion dollars that this merger has accrued puts us on a path where we can accelerate our growth as a business and mitigate risk….This is the which opens future growth and stability."

Peter Rawlinson then says:

"We've already started ground leveling for an incredible integration of phases 2 & 3, bringing 2.7 million sq/feet of expanded factory space ready for the introduction of the Gravity Project in late 2023."

In the later parts of the presentation, Rawlinson says today they are launching the Lucid Group of companies; "My vision for the company is to really expand electromobility space beyond just cars. Cars, energy storage, and electromobility applications through our technology."

Fast Expansion

Now that the CCIV and LCID merger is complete and Lucid Motors has $4.4 Billion in cash or cash equivalents, the race to catch up is now starting. In the next five years, the Lucid Group has a very ambitious project which consists of:

  • Launching the Lucid Air Dream Edition this year, and the other editions next year (Pure, Air GT, Air Touring, and Air Pure)
  • Complete the 2.7 million sq/feet integration at Casa Grande factory
  • Develop, manufacturer, and launch the Project Gravity SUV by the end of 2023
  • Work on the Lucid ESS pilot and beta program
  • And continue with battery development and research.

Clean Energy Is The Future

Whether we like it or not, the future is clean energy. By the end of the decade, the Joe Biden administration wants 80% of the United States energy to come from clean sources. So it makes sense that Peter Rawlinson and the Lucid Group also want to focus on clean energy outside electric vehicles.

Although the Lucid Group has a pilot program for their ESS (Energy Storage System). They are not near Tesla when it comes to the energy front; this doesn't mean that they don't have the technology, but in comparison, in 2020, Tesla brought in a whopping $2 Billion from their ESS division.

Lucid Motos does have the second mover advantage, the technology, and the money to start expanding. As Peter Rawlinson said, they are on a path to accelerate growth as a business and mitigate risk, so the future is bright for the Lucid Group.

This artical was written by the Daily Lucid. The Daily Lucid is the #1 source for Lucid Motors & Lucid Group news, rumors, and reviews. Subscribe to our Newsletter for al the latest news.