The US startup Lucid Motors is in negotiations with car manufacturers about the potential exchange of electric vehicle technology and plans to go public in a few years. According to CTO Peter Rawlinson, however, a sale is not on the table.
Lucid Motors did not reveal which OEMs are involved in the negotiations. Rawlinson, who was previously instrumental in the creation of the Model S at Tesla, told Bloomberg: “We’re actually currently in dialogue with companies that are interested in our technology. If there is an opportunity for partnership with some way that doesn’t dilute our brand and is beneficial, then that would be ultimately a board decision.”
In mid-2017 there had been rumours of talks about a possible acquisition of Lucid Motors by Ford. In September 2018, it became known that the Saudi Arabian sovereign wealth fund PIF would invest more than a billion dollars in Lucid Motors. It is the same fund that also holds at least 5 per cent in Tesla shares reportedly.
Lucid Motors plans to start building its factory in Arizona this spring and start production of its first model – the Lucid Air – there at the end of 2020. Also, the generous funds from Saudi Arabia will be used to finalise the complete technical development and testing of the debut BEV and to implement a sales strategy in North America. The electric car start-up unveiled the Lucid Air prototype at the end of 2016.