Skip to main content

To put a Lucid Air on the road next year, the EV startup needs money – now

Lucid Air Rear Angle
Lucid Air
Lucid Motors has been getting a lot of buzz lately.

After the debut of its Lucid Air electric vehicle, which will start at $60,000 and have a minimum range of 240 miles per charge, the startup made headlines based on some incredible top speed tests.

First, a Lucid Air prototype hit 217 mph at the Transportation Research Center test track in Ohio. Not satisfied, Lucid returned this month and achieved 235 mph in a modified version of its Alpha prototype. This demonstration showed Lucid could compete with Tesla both in terms of efficiency and performance.

Alas, the latest news about Lucid isn’t as rosy. Bloomberg is reporting that Lucid is still seeking funding ahead of its production schedule next year. The EV automaker plans to build its Air models at an Arizona-based manufacturing facility.

In addition to its quest for funding, Lucid is considering a buyout. Recently, the startup approached Ford, which is in the midst of a leadership transition. A takeover from the Blue Oval would make sense – the company is actively pursuing EV production, but it has not introduced a model to adequately compete against the Tesla Model S or Chevrolet Bolt EV.

However, in part because Ford’s new CEO, Jim Hackett, is knee-deep in a 100-day review of the company’s operations, Ford has turned down Lucid’s proposal. At this point, Lucid has raised $100 million from Asian investors through three rounds of funding.

“We don’t have the money in place. That’s why we need to secure Series D,” Chief Technology Officer Peter Rawlinson said at the New York International Auto Show in April. “It would be irresponsible to start moving earth or start anything until we have a financial runway to execute that professionally and with absolute integrity.”

Though this sounds a bit like the seemingly doomed Faraday Future, Lucid’s leadership seems far more strategic in its moves, and the Air electric vehicle appears much closer to production specification. Still, Lucid is in need of funds to keep the chains moving – that fact is inescapable.

Those hoping for another supercar-beating EV should cross their fingers and call any investors they might happen to know.

Editors' Recommendations

Miles Branman
Former Digital Trends Contributor
Miles Branman doesn't need sustenance; he needs cars. While the gearhead gene wasn't strong in his own family, Miles…
Lucid Motors will finally unveil the production version of its electric car in April
Lucid Air electric car

Lucid Motors is finally ready to unveil the production-ready version of its 1,000-horsepower electric car that boasts an impressive 400 miles of range. The Lucid Air was first seen in 2016 in preproduction guise, but the company has dragged its feet on getting the car ready for sale. The version customers will actually get to buy is scheduled to be unveiled in New York this April, Lucid said in a blog post.

The post did not give a specific date for the unveiling, but press days for the 2020 New York Auto Show are April 8-9, so Lucid may stage the unveiling around that time to take advantage of the convergence of automotive media on the Big Apple for the show.

Read more
Lucid Air beta prototype shows 1,000-hp, 400-mile, electric car isn’t dead yet
lucid air electric car beta prototype

In 2016, Lucid Motors burst onto the scene with the Air, an electric luxury car boasting a claimed range of up to 400 miles, and a top speed of over 200 mph. Then the company went dark. Despite initially claiming that the Air was nearly ready for production, little has been heard from Lucid since. But the project is apparently still alive, as Lucid just unveiled what it calls a "beta prototype."

The prototype is 95% representative of what the production model will be, according to a Lucid blog post. The company plans to build a fleet of 80 of these prototypes, which will be used to fine tune specifications ahead of the start of production. While production models will be built at a new factory in Casa Grande, Arizona, beta prototypes are built at the company's headquarters in Silicon Valley.

Read more
See if airlines owe you money from up to 3 years ago with AirHelp’s new tool
An airplane coming into land.

It's hard enough getting airlines to reimburse you for that hellish trip you had to endure last night, much less last year. But now, one app is helping you set wrongs right, even if those wrongs occurred in the not-so-recent past. AirHelp, which last year announced a boarding pass scanner to give real-time information about delayed flight compensation, is now launching a new tool that will help you travel back in time -- that is, with regard to airline payback.

Available on both the web and on your mobile device, AirHelp's newest tool connects to your email address, scanning for all flights you've taken in the last three years, and importing that information into the AirHelp database. From there, the tool will be able to check your eligibility for compensation for flights that were delayed or canceled. Moreover, the feature allows you to visually map all the journeys you've taken in recent memory, so you can see what a globetrotter you really are. You can also check out how much money you've spent on flight tickets (yikes).

Read more