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Lucid Motors
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Lucid Motors
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Lucid Group, Inc., is an American automotive and technology company that manufactures electric vehicles and supplies advanced electric vehicle powertrain systems. The company is headquartered in Newark, California.[6] In September 2021, the company began producing the Lucid Air sedan at its factory in Casa Grande, Arizona.[7] Production of its second model, the Lucid Gravity SUV, started in December 2024.[8] Lucid also supplies and develops powertrain technology to other automakers, including Aston Martin.[9]

Key Information

Since April 2019, the majority shareholder of Lucid has been the Public Investment Fund, which is the sovereign wealth fund of Saudi Arabia.[10] Other investors include large index fund managers like Vanguard Group, BlackRock, and State Street Corporation.[11]

History

[edit]

In 2007, Tesla Motors Vice President Bernard Tse, co-founder of Astoria Networks Sam Weng, and inventor Sheaupyng Lin founded a company named Atieva to build electric vehicle batteries and powertrains for vehicle manufacturers.[12][13] In 2011, Atieva began working with lithium-ion cell maker Lishen to build battery packs for electric buses in China.[14] In 2014, Beijing Automotive Industry Holding (BAIC), a state-owned carmaker, acquired a 25 percent stake in Atieva.[15] Atieva received investments from Tsing Capital, Mitsui, Venrock, JAFCO, and others.[16][17]

British engineer and businessman Peter Rawlinson, formerly Vice President of Engineering and Chief Engineer of the Model S at Tesla, Inc.,[6] joined Atieva in 2013 as Chief Technology Officer (CTO) and board member.[18] Rawlinson and the team rebranded the company Lucid Motors in October 2016[18][19] and officially announced the company's intent to develop an all-electric, long-range, high-performance vehicle.[12]

On November 29, 2016, Lucid executives and officials in Arizona announced the planned construction of Lucid's US$700 million manufacturing plant in Casa Grande, Arizona, which was projected to employ up to 2,000 workers by the mid-2020s,[20][21][22] initially building 20,000 cars and expanding to 130,000 vehicles per year. Rawlinson took on the additional role of CEO in April 2019 while keeping his role as CTO and board member.[18] The first vehicles rolled off the assembly line on September 28, 2021.[23]

On September 17, 2018, Lucid Motors announced talks with the Public Investment Fund for $1 billion in funding.[24][25] The investment was completed in April 2019.[10] The investment would fund the final engineering, testing, and production of the Lucid Air, the first-phase construction of its manufacturing plant in Arizona,[25] and its worldwide retail strategy, beginning in North America.[24][25][26] Construction of the plant began in late 2019, and the first phase was completed in December 2020.[27][28] The second phase of construction began in late 2021 to increase production capacity from 34,000 to 90,000 vehicles a year.[29] The completed four phases of the factory are intended to have a combined manufacturing capacity of 400,000 cars per year.[30]

In February 2021, Lucid Motors announced a deal valued at $11.75 billion to merge with Churchill Capital Corp IV, a publicly traded special-purpose acquisition company (SPAC).[31] Rawlinson announced Lucid's intention to produce its Gravity SUV by 2023, then offer a competitor to Tesla's Model 3 by 2024 or 2025.[32][33] On July 26, 2021, the company went public,[34] with the Public Investment Fund owning 60 percent of Lucid.[35] Short-term price increases recorded an unrealized gain of $20 billion from its $2.9 billion investment, for a period of time.[35]

Former CEO and CTO Peter Rawlinson with the Lucid Air Pure at the Geneva International Motor Show, 2024

Lucid began building its first all-electric Lucid Air sedan in Arizona in September 2021, and deliveries began in late October.[36] Lucid produced 7,180 vehicles in 2022,[37] lower than expected, with the company citing supply chain issues.[38][39] Lucid produced 8,428 vehicles in 2023, meeting the higher end of company guidance.[40]

In June 2023, Lucid signed an agreement to develop and supply electric motors, powertrains, and battery systems for Aston Martin's upcoming range of fully electric cars. According to the terms of the $450 million deal,[41] Aston Martin said it would pay Lucid $132 million in cash for its expertise; Lucid would be given a 3.7 percent stake in Aston Martin worth $100 million; and Aston Martin guaranteed it would buy at least $225 million in powertrain components.[42][43]

On August 7, 2024, Lucid Group announced a further $1.5 billion in funding from its majority shareholder, Ayar Third Investment Co., an affiliate of PIF. The deal includes $750 million in convertible preferred stock and the rest in an unsecured loan.[44]

On July 18, 2025, Uber Technologies, Nuro, and Lucid Motors announced a partnership. Over the next years, they will offer at least 20,000 Lucid Gravity cars modified with Nuro autonomous technology as autonomous vehicles (Level 4) on Uber's platform. They plan the launch for 2026. Lucid will receive $300 million from Uber for this.[45]

Leadership

[edit]
Interim CEO Marc Winterhoff

Vehicles

[edit]

Lucid mainly developed battery technology in its early years, but began development of its first car in 2014.

The company initially used a Mercedes Metris van named "Edna", to develop the powertrain.[17][48]

Lucid Air

[edit]
Main article: Lucid Air
Lucid Air
Electric Drive Unit and the Lucid Air Battery

A prototype of the Lucid Air fully electric car was unveiled in December 2016. Lucid Air production was expected to start in spring 2021.[49] In November 2020, The Lucid Air Pure was announced with 406 mi (653 km) of projected range and 480 hp (360 kW) and a starting price of US$77,400. The full range of models includes Lucid Air Touring, Grand Touring, and Dream Edition versions. The top-spec cars have an output of over 1,000 hp (750 kW).[50]

On September 16, 2020, the US Environmental Protection Agency (EPA) rated the range of the Lucid Air at 520 miles (840 km) on a single charge.[51][52]

Lucid has agreed with Mobileye to use their EyeQ4 chips and eight cameras for driver assist features,[53] and will make the car "autonomous ready".[54] The 4-door sedan is able to reach a software-limited top speed of 217 mph (349 km/h).[55] In July 2017, while running on the high-speed track at the Transportation Research Center in Ohio a special version of the car (with the speed limiter disabled via software and other modifications) hit 235 mph (378 km/h).[55]

Lucid is collaborating with Amazon to include Amazon's Alexa voice assistant, allowing drivers to use the voice assistant for navigation, phone calls, media streaming, smart home control, and other activities while driving.[56]

The infotainment system is based on Android Automotive.[57]

The character of Samantha Margolis uses a Lucid Air in several episodes of season four of the Amazon Studios TV series Goliath.[58]

In September 2021, Lucid released the EPA estimated range for both the Dream Edition Air and Air Grand Touring; the Dream Air had a range of 520 miles on a single charge while the Grand Touring offered 516 miles, making the Dream the most extended range of any EV rated by the EPA and the Grand Touring the first to top 400 miles in a test drive.[59][60]

Lucid Motors unveiled its 2022 Lucid Air Grand Touring model in November 2021. This version of the Air Grand Touring is powered by two electric motors that have a combined 819 hp (611 kW) and 885 lb⋅ft (1,200 N⋅m) of torque.[60][61]

On May 5, 2022, Lucid announced that it was raising prices of the variants of its luxury Air sedan beginning June 1, 2022. The price hikes were expected to push the base price of the Air sedan up as much as 13%.[62]

Lucid Air was named Motor Trend's 2022 Car of the Year, being the first time a brand new car model won the award.[63]

In April 2023, the company began delivering a blacked-out or dark-trimmed 'Stealth' Air to customers following its introduction in August.[64] Also in April 2023, Lucid Air won the 2023 World Luxury Car of the Year award.[65][66]

Lucid Gravity

[edit]
Main article: Lucid Gravity
Lucid Gravity

Lucid teased an electric SUV concept in September 2020 called Project Gravity with only a brief image and short video segment.[49]: 43:38–44:25  Additional details were found in the patents that Lucid filed for the Gravity. The patents show that the Gravity features sleek headlamps similar to the Lucid Air, a visibly short hood, and a large windscreen. In addition, the patents show that the side of the vehicle has a horizontal beltline and sleek, expansive windows and quarter glass panels.[67]

The company said that Lucid will use Panasonic batteries in its long-range Lucid Air and its Gravity SUV, which begin production in 2024.[68]

On November 16, 2023, the vehicle was officially unveiled at the 2023 Los Angeles Auto Show, with an anticipated delivery date of late 2024 for the 2025 model year. The SUV will feature a 440-mile range via a dual-motor electric powertrain and a 0–60 time of 3.5 seconds, with a starting price of under $80,000.[69][needs update]

In December 2023, electric vehicle charging startup Gravity Inc. filed a "petition for cancellation" with the U.S. Patent and Trademark Office over Lucid's use of the word "gravity".[70] In June 2024, Gravity Inc. and Lucid came to a settlement allowing Lucid the use of the name "gravity."[71]

Lucid opened orders for the Gravity on November 7, 2024,[72][73] with the first production unit completing production at Lucid's Casa Grande factory on December 5, 2024.[74]

On January 6, 2025, Lucid Motors announced that Gravity would use Panasonic Energy's Latest-Generation High-Performance EV batteries. The Lucid Gravity Grand Touring offers 828 horsepower, can accelerate from 0 to 60 miles per hour (97 km/h) in under 3.5 seconds, and has an EPA-rated range of up to 450 miles (720 km).[75]

Upcoming midsize SUV

[edit]

On an earnings call in May 2024, Lucid CEO Peter Rawlinson announced that the company will build a new midsize SUV at its facility in Saudi Arabia, with a target production start in late 2026 and a starting price of about $48,000.[76] At an investor presentation in September 2024, Lucid Motors shared a teaser image of this SUV. The company has not released the vehicle's name, but trademark filings led journalists to report that the SUV may be called "Earth".[77][78]

Batteries

[edit]
Lucid Connected Home Charging Station is a dedicated home charger solution provided by Lucid.

The Lucid Air was planned as of 2020 to debut with a 900V+ electrical architecture and custom lithium-ion battery cells.[79] It was planned to use the 2170[16] standard for the cells,[80] and, by 2019, supply agreements were signed with both Samsung SDI[81] and LG Chem.[82][needs update]

In February 2020, Lucid Motors announced a partnership with LG Chem through which the latter company would provide battery cells for the Lucid Air sedan through 2023.[83]

On December 13, 2022 – Panasonic Energy Co., Ltd., and Lucid Group, Inc. announced they have entered into multi-year agreements to supply batteries for Lucid's award-winning luxury electric vehicle[84][85]

Lucid supplied battery packs for the Gen2 Formula E race cars from the 2018–2019 season[86] through the 2021–2022 season,[6][87] in collaboration with McLaren Applied Technologies and Sony.[88][89] The Formula E specification[90] called for a battery weight of 250 kg (550 lb), 54 kWh energy, and peak power of up to 250 kW.[91]

Charging

[edit]

Lucid Motors partnered with Electrify America (EA) in 2019 to use their nationwide charging network as an option for recharging Lucid's electric vehicles on the road.[92][93] The Lucid Air is able to add up to 300 miles (480 km) in 20 minutes (or 200 miles in 12 minutes) when using the station's 350 kW charging capability, where that capability is available in EA charging stations.[94]

In 2022, Lucid announced their own home charging solution called the Lucid Connected Home Charging Station which would add 80 miles to the battery in just an hour.[95] After most auto manufacturers serving the North American market adopted the North American Charging System (NACS), in late 2023 Lucid also announced plans to equip their vehicles with the NACS ports in 2025.[96] Lucid announced in 2025 that starting January 31, 2025, they will deliver the Gravity SUV with a NACS port, but that the Air sedan will still require an adapter when it gains access to the Supercharger network in the second quarter of 2025.[97]

The Lucid Air's RangeXchange feature also enables the Air to charge other electric vehicles directly using Lucid's RangeXchange charging adapter.[98]

On July 8, 2025, the company announced that it had set a Guinness World Record for a range of over 1,200 kilometers on a single charge with the Lucid Air Grand Touring.[99]

Manufacturing facilities

[edit]

In December 2019, Lucid broke ground on a factory in Casa Grande, Arizona, the first greenfield facility for EV manufacturing in the United States.[100] On December 1, 2020, Lucid completed factory construction, dubbed AMP-1, and "aims to ramp up to 400,000 electric cars per year."[101]

The US$700 million facility was expected to begin producing the Lucid Air by spring 2021. The initial phase includes an initial 999,000 square feet (92,800 m2). Phase 2 of construction was expected to begin in early 2021. The land upon which this facility is built is owned by Pinal County, Arizona, who leases the 500-acre (200 ha) plot to Lucid. The land was bought by Pinal County for $29.94 million, which was financed by issuing bonds.[102]

On February 28, 2022, Lucid announced a long-term plan to build a new manufacturing plant in Saudi Arabia that could produce 150,000 vehicles per year. Lucid has partnered with the Ministry of Investment of Saudi Arabia (MISA), The Saudi Industrial Development Fund (SIDF), and the King Abdullah Economic City (KAEC).[103]

Saudi Arabia investment

[edit]

The Saudi Arabian government announced on April 27, 2022, that it plans to buy at least 50,000 and possibly up to 100,000 electric vehicles from Lucid Motors over a decade.[104] The purchase is part of the government's effort to reduce its reliance on oil. The government selected Lucid Motors because it is building its first international manufacturing plant in Saudi Arabia to produce 150,000 cars annually.[105]

Ownership

[edit]

The 10 largest institutional shareholders of Lucid as of December 2024 were:[106]

Shareholder name Percentage
Public Investment Fund 58.42%
The Vanguard Group 3.64%
BlackRock 1.60%
D.E. Shaw 0.81%
UBS Group 0.80%
Morgan Stanley 0.75%
Geode Capital Management 0.67%
State Street 0.65%
Millennium Management 0.62%
Renaissance Technologies 0.55%
Others 26.28%

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Lucid Motors

View on Grokipedia
from Grokipedia
Lucid Group, Inc., operating as , is an American manufacturer of luxury s specializing in sedans and SUVs engineered for superior range, , and . Founded in 2007 as Atieva, a developer of advanced battery systems and powertrains, the company rebranded to Lucid Motors in 2016 to focus on complete vehicle production, with design centered in and assembly at facilities in and . Its flagship sedan achieved a World Record in 2025 for the longest journey by an on a single charge, covering 1,205 km, underscoring its emphasis on battery technology and . The company launched production of the in late 2021, followed by the introduction of the three-row in 2024, targeting up to 450 miles of EPA-estimated range. Headquartered in , Lucid went public in 2021 via a SPAC merger and has since relied heavily on investments from , which increased its stake to approximately 64% through multiple infusions totaling over $5 billion by 2025, providing critical capital amid persistent operating losses exceeding $13 billion cumulatively. Despite technological advancements, Lucid has encountered significant hurdles, including repeated production shortfalls—delivering only 8,428 vehicles in against a target of up to 14,000—and downward revisions to 2025 output goals to 18,000–20,000 units due to market softening and constraints. Customer reports have highlighted issues such as software glitches, build quality inconsistencies, and unexpectedly high lease-end fees, contributing to reputational challenges in a saturated luxury EV segment dominated by established competitors. In early 2025, former CEO and CTO Peter Rawlinson, previously for Tesla's Model S, transitioned to a strategic advisory role amid these pressures, reflecting internal shifts as the firm seeks to scale , including plans for a second production shift.

History

Origins and Founding

Lucid Motors traces its origins to Atieva, a battery technology company founded in 2007 in , by Bernard Tse—a former Tesla Motors vice president and board member—along with Sam Weng, co-founder of Astoria Networks, and inventor Sheaupyng Lin. Initially, Atieva concentrated on lithium-ion battery management software and systems designed to enhance safety and efficiency in hybrid and electric vehicles, drawing on Tse's experience from Tesla's early battery development efforts. The firm later expanded into manufacturing battery packs and powertrains, supplying components for electric buses in China following investments from two state-linked Chinese companies in 2014. By the mid-2010s, Atieva shifted strategic emphasis from supplying components to third parties toward developing its own s, leveraging proprietary battery and drivetrain technologies. In October 2016, the company rebranded as Lucid Motors to reflect this evolution into a luxury manufacturer, with Peter Rawlinson—previously Tesla's chief engineer for the Model S—overseeing engineering as vice president and later . This transition was supported by secured funding from investors, including the aforementioned Chinese entities, enabling facility expansions and prototype development amid a competitive landscape dominated by established players like Tesla. In December 2016, Lucid Motors publicly unveiled teaser images and specifications for its inaugural concept, the sedan, positioning it as a high-performance luxury with an claimed EPA-estimated range exceeding 400 miles on a single charge—ambitious figures rooted in Atieva's battery innovations but unproven in production at the time. Early prototypes demonstrated integrated powertrains emphasizing efficiency, though the company's origins in component-level battery work underscored a pragmatic, technology-first approach rather than immediate full-scale vehicle assembly.

Rebranding and Early Milestones

In October 2016, Atieva, a battery founded in 2007, rebranded itself as Lucid Motors to reflect its pivot toward developing high-performance electric vehicles, releasing teaser images of an upcoming sedan promising over 300 miles of range and 900 horsepower. On September 17, 2018, Lucid announced a $1 billion investment agreement with Saudi Arabia's , providing capital for vehicle development and production scaling ahead of commercialization. Lucid unveiled its flagship sedan on November 27, 2019, claiming an EPA-estimated range of up to 517 miles for the Grand Touring variant, along with efficiency exceeding 400 MPGe, positioning it as a direct competitor to Tesla's Model S with superior and integration. These figures represented ambitious targets based on simulations; while initial arose due to the lack of independent verification at the time, subsequent EPA certification in 2021 validated a 520-mile range for the production Dream Edition, though real-world highway testing has yielded 10-20% lower results under typical conditions like 70 mph speeds and non-ideal temperatures. By late 2020, Lucid had advanced testing, including validations of its in-house drive units and battery , setting the stage for production intent in , though the company remained pre-revenue with no vehicles delivered.

Production Expansion and Setbacks

Lucid Motors commenced production of the at its Advanced Manufacturing Plant-1 (AMP-1) in Casa Grande, Arizona, on September 28, 2021, with initial customer deliveries of Dream Edition models beginning in late October 2021 to select reservation holders. Efforts to scale production in and 2023 encountered significant obstacles from global supply chain disruptions, including semiconductor chip shortages and constraints on battery components, which forced repeated downward revisions to output targets; for instance, initial 2022 projections of 20,000 units were first reduced to 14,000 and later halved due to these logistics bottlenecks. These issues stemmed from broader industry-wide dependencies on overseas suppliers, exacerbating delays beyond optimistic internal forecasts that underestimated persistent post-pandemic recovery challenges in component availability. By the end of the third quarter of 2025, Lucid's cumulative production totaled 9,966 vehicles over the prior nine months, reflecting slowed ramps amid ongoing constraints rather than aggressive scaling. To support the forthcoming Lucid SUV, Lucid expanded AMP-1 by approximately 3 million square feet in phases, with the second phase inaugurated on January 24, 2024, ahead of 's production start in late 2024. The was first unveiled as a on November 16, 2023, with full production vehicles entering assembly by late 2024, though early output faced specific hurdles like magnet supply shortages from Chinese sources, contributing to Q3 2025 production shortfalls against expectations. Despite a softening EV market influenced by factors such as the elimination of federal tax credits and heightened competition, Lucid initiated a second production shift at AMP-1 in October 2025 to accelerate volumes.

Leadership and Governance

Key Executives

Peter Rawlinson served as of Lucid Motors from 2013 and as from 2019 until February 2025, when he transitioned to Strategic Technical Advisor to the Board Chairman. A graduate of with over 30 years in , Rawlinson previously led vehicle engineering at Tesla as Vice President, where he was chief engineer for the Model S sedan. At Lucid, he prioritized in-house development of core technologies including batteries, electric motors, and , rejecting outsourcing common among competitors to achieve superior efficiency metrics, such as the Lucid Air's EPA-estimated 520 miles of range. This approach stemmed from first-principles engineering to optimize energy consumption and performance, though it contributed to extended development timelines and elevated costs. In November 2024, Rawlinson publicly critiqued the U.S. EV market, stating that many available models "frankly suck" due to inherent engineering deficiencies rather than consumer misperception, emphasizing the need for advancements in core EV architecture beyond battery scaling. Following Rawlinson's departure from executive roles, Marc Winterhoff was appointed Interim on February 25, 2025, while retaining his position as held since December 2023. Winterhoff, with a in electrical and electronics engineering and management from , brings operational expertise from prior roles at consulting firm , focusing on manufacturing and supply chain execution to scale production amid Lucid's challenges in output. His leadership emphasizes aligning strategy with operational realities, including plans to double vehicle production in 2025 while narrowing losses through cost controls. Taoufiq Boussaid assumed the role of on February 25, 2025, succeeding an interim holder. With over 30 years in , including as Group CFO at N.V. S.A. where he drove efficiency initiatives in a capital-intensive materials firm, Boussaid's background spans auditing at and financial roles at , positioning him to address Lucid's persistent cash burn and funding dependencies. No dedicated has been named post-Rawlinson, with technical advisory functions absorbed into Winterhoff's oversight and Rawlinson's continued input on and efficiency innovations. Lucid has experienced notable C-suite turnover, with at least seven senior executives departing between mid-2024 and early 2025, including the SVP of Operations, amid pressures from low production volumes and competitive market dynamics. This churn reflects challenges in retaining specialized talent in batteries and , areas where Rawlinson's engineering focus had centralized but highlighted dependencies on key individuals for technological differentiation.

Board Composition and Influences

The board of directors of Lucid Group, Inc. consists of eight members as of mid-2025, blending expertise primarily in finance, investments, and select industry sectors but with limited depth in core automotive engineering or electric vehicle technology beyond one recent addition. Turqi Alnowaiser serves as chairman, bringing a finance and international investment background as deputy governor of Saudi Arabia's Public Investment Fund (PIF); Douglas Grimm, elected in June 2025, contributes automotive manufacturing experience from roles at Metaldyne Performance Group and Blue Bird Corporation; Lisa M. Lambert offers technology and innovation insights from prior positions at Intel; Andrew Liveris provides energy and chemicals perspective as former CEO of Dow Chemical; Nichelle Maynard-Elliott adds legal and M&A acumen from Praxair; Chabi Nouri contributes luxury goods and marketing from Piaget; Ori Winitzer focuses on media and investments via Guggenheim Partners and PIF-affiliated entities; and Janet S. Wong emphasizes accounting and governance from KPMG. This composition reflects a tilt toward financial oversight and investor-aligned skills, with only Grimm representing direct operational automotive knowledge, potentially constraining specialized input on production scaling challenges. Major shareholder influence permeates the board structure, particularly through PIF, which controls nearly 58% of shares via affiliates like Ayar Third Investment Company, enabling control over director nominations and tying governance to funding dependencies from the sovereign wealth fund. Alnowaiser's PIF leadership role and Winitzer's ties to PIF-backed ventures underscore this sway, as evidenced by board actions aligning with PIF priorities, such as the March 2025 CEO transition where Alnowaiser, as chairman, oversaw Peter Rawlinson's removal and an interim appointment amid performance pressures. Such dependencies raise questions of independence, despite annual board determinations under corporate guidelines and audit committee requirements for independent members like Lambert and Maynard-Elliott; minority shareholders' leverage remains diluted by PIF's voting power in director elections. Governance practices have included standard shareholder approvals at annual meetings, such as the election of Grimm and expansions of incentive plans, but SPAC-era events from the merger with Churchill Capital Corp III introduced controversies over disclosures and projections. The board faced SEC subpoenas probing merger-related statements and subsequent class-action suits alleging misleading production forecasts that facilitated , highlighting potential biases toward optimistic narratives to secure investor capital amid reliance on PIF infusions. These incidents, while not resulting in finalized adverse findings against the board by late , underscore vulnerabilities in oversight when major stakeholders prioritize capital access over rigorous risk disclosure.

Technological Innovations

Battery and Powertrain Developments

Lucid Group mirrors Tesla's vertical integration in the EV-tech sector through in-house development and production of battery systems, electric motors, inverters, software (Lucid UX and DreamDrive AI), and charging technology in their own factories, though it lacks elements like robotics or solar panels/Powerwall. Lucid Motors developed an in-house electric featuring permanent motors, , and a , enabling high power outputs up to 1,080 horsepower in the 's top configurations. The company employs a proprietary 900-volt electrical architecture, first implemented in production vehicles with the Lucid Air starting in 2021, which supports efficient power delivery and reduced current requirements compared to lower-voltage systems used by many competitors. Lucid's battery packs utilize ternary lithium-ion cells with nickel-manganese-cobalt cathodes, prioritizing energy density over the lower-cost (LFP) chemistries adopted by some rivals for entry-level models. These cells are sourced from suppliers including and , exposing Lucid to vulnerabilities such as production bottlenecks and material dependencies, though diversification efforts include domestic agreements. The 2025 Lucid Air Pure achieved an EPA-rated efficiency of 5.0 miles per , equivalent to 146 MPGe, derived from its 420-mile range on an 84-kWh usable battery capacity, marking a record for production electric vehicles. However, real-world testing at speeds yielded approximately 4.4 mi/kWh, highlighting variances from idealized EPA conditions influenced by factors like , temperature, and driving style. This efficiency comes at a premium, with advanced cell chemistries and architecture increasing costs relative to LFP-based alternatives. For the Lucid Gravity SUV, powertrain configurations include dual permanent magnet motors delivering up to 828 horsepower in all-wheel-drive setups, built on a scalable platform derived from the Air's architecture to support future models. These developments emphasize integrated design for performance and efficiency, though ongoing reliance on external cell suppliers limits full vertical integration.

Efficiency and Charging Technologies

The Lucid Air supports DC fast charging at peak rates exceeding 250 kW, with the manufacturer claiming replenishment of 200 miles of EPA-rated range in approximately 12 minutes using compatible 900-volt and the proprietary Wunderbox charger. Independent testing on a 2025 Lucid Air Dream Edition confirmed this capability, achieving 200 miles in about 12 minutes and 300 miles in 20.6 minutes on a high-power station, though sustained rates taper after initial peaks around 270-300 kW due to battery thermal limits. These speeds approach practical limits for lithium-ion batteries, where rapid charging risks heat buildup exceeding safe thresholds (typically 40-50°C), necessitating advanced liquid cooling to maintain cell integrity without excessive degradation. For residential use, the Air features a 19.2 kW onboard AC charger, enabling up to 80 miles of range per hour on a Level 2 setup, which aligns with the vehicle's high-voltage design minimizing conversion losses compared to lower-voltage EVs. This rate requires a dedicated 80-amp circuit, reducing reliance on public infrastructure for daily needs, though installation costs and grid capacity constraints can limit accessibility. In contrast to Tesla's network, which offers over 23,500 stations optimized for 400-volt systems, Lucid vehicles gained access in starting July 31, 2025, via adapters, but charge at reduced speeds—often below 50 kW—due to voltage mismatches, highlighting Lucid's lag in proprietary ecosystem development despite superior peak hardware. Efficiency metrics for the 2025 Lucid Air Pure reach 5.0 miles per kWh, derived from its EPA-estimated 420-mile range on an 84 kWh pack, surpassing competitors through aerodynamic optimization (Cd of 0.197) and efficient powertrain design that minimizes resistive losses inherent to EV physics, such as in batteries and motors. Real-world combined consumption equates to about 26 kWh per 100 miles under EPA cycles, though highway figures improve to 125 MPGe equivalent. advancements in Lucid's cells enable this without oversized packs, but thermal management poses challenges in hot climates like , where ambient temperatures above 35°C can reduce charging rates by 20-30% and erode range via increased air conditioning draw and passive degradation, as batteries operate suboptimally beyond 30°C per electrochemical principles. Owners report summer range drops exceeding 20%, underscoring the causal trade-offs of high-density chemistries versus robust cooling demands.

Software and Autonomous Features

Lucid Motors' DreamDrive Pro advanced driver assistance system (ADAS) operates at SAE Level 2 autonomy, requiring constant driver supervision and intervention readiness, despite incorporating LiDAR for enhanced environmental perception alongside radar, cameras, and ultrasonic sensors. Announced in July 2025, it enables hands-free highway driving and automatic lane changes under specific conditions, such as mapped highways and clear weather, but lacks the unsupervised capabilities pursued by competitors like Tesla's Full Self-Driving (FSD), which, while also Level 2 in practice, has logged billions of miles of data toward higher autonomy goals. Over-the-air (OTA) software updates deliver incremental enhancements, including range optimizations via efficiency algorithms and refinements, but have been marred by reliability issues such as erratic media playback, battery display glitches, and vehicles becoming temporarily unresponsive post-update. User forums and service reports document delays in rollout and resolutions requiring hard resets or dealer interventions, contributing to ' predicted reliability score of 31/100 for the 2024 , predicated on software-related complaints from early models. The infotainment system supports third-party integrations like Apple CarPlay and, as of June 2025, for maps, media, and messaging via USB connection, expanding access beyond Lucid's native apps but exposing dependencies on external ecosystems prone to compatibility hiccups. In contrast to Tesla's vertically integrated software stack, which benefits from extensive real-world beta testing despite its own disengagements, Lucid's approach has yielded smoother tracking per owner anecdotes but lags in feature maturity and error mitigation, with no public disclosure of comprehensive beta disengagement rates or miles-per-intervention metrics.

Vehicle Models

Lucid Air

The Lucid Air is a full-size luxury electric sedan developed by Lucid Motors as its flagship vehicle, with production commencing at the company's Advanced Manufacturing Plant in Casa Grande, Arizona, on September 28, 2021, and initial customer deliveries starting October 30, 2021. Designed to compete in the high-end electric vehicle segment, it emphasizes efficiency, with EPA-estimated ranges up to 512 miles in the Grand Touring trim, enabled by advanced battery architecture and aerodynamic optimization. The Air features a low drag coefficient of 0.197, contributing to its class-leading energy consumption ratings. Available in multiple trims—Pure, Touring, Grand Touring, and Sapphire—the Air offers in base models and all-wheel drive in higher variants, with power outputs ranging from 430 horsepower in the Pure to 1,234 horsepower in the Sapphire. The 2025 model year introduced updates to the entry-level Pure trim, including a smaller 84 kWh (down from 88 kWh) paired with efficiency improvements such as a , maintaining a 420-mile EPA range while reducing costs. Acceleration varies by trim, with the Sapphire achieving 0-60 mph in 1.9 seconds and a top speed of 205 mph, supported by three electric motors and torque vectoring.
TrimHorsepowerEPA Range (miles)0-60 mph (seconds)Drivetrain
Pure4304204.5RWD
Touring~620431~3.6AWD
Grand Touring819512~3.0AWD
Sapphire1,2344271.9AWD
Data for 2025 models with standard wheels; ranges per EPA estimates. The Air received the 2022 MotorTrend award for its advancements in , , and , outperforming competitors in metrics like mpg-e equivalent (up to 140 combined). However, production volumes have remained modest, with U.S. sales totaling approximately 1,949 units in 2022, 3,142 in 2023, and 3,449 in 2024, reflecting challenges in scaling manufacturing for a startup automaker targeting a niche luxury market. Early vehicles exhibited build quality inconsistencies, including uneven panel gaps and issues with interior trim fitment, as reported in independent reviews and owner experiences, though subsequent iterations have shown incremental improvements. These factors underscore the engineering trade-offs in prioritizing performance and range over rapid volume production in Lucid's initial EV offering.

Warranty

Lucid Motors provides the following warranty coverage for new Lucid electric vehicles, effective for vehicles purchased on or after April 16, 2024:
  • Basic Vehicle: 4 years or 50,000 miles (whichever comes first)
  • Powertrain (including electric drive units, transmission, and differential): 8 years or 100,000 miles (whichever comes first)
  • High-Voltage Battery: 8 years or 100,000 miles (whichever comes first), with a guarantee that the battery retains at least 70% of its original capacity
  • Corrosion Perforation: 10 years with unlimited miles
  • Body and Paint: 4 years with unlimited miles
  • Supplemental Restraint System (airbags and seat belts): 5 years or 60,000 miles (whichever comes first)
The warranty starts from the date of first delivery or in-service date and is transferable to subsequent owners. It excludes normal wear and tear, misuse, accidents, improper maintenance, and commercial uses like ride-sharing. Service must be performed at Lucid Service Centers.

Lucid Gravity

The Lucid Gravity is a three-row luxury electric developed by Lucid Motors as its second production vehicle, unveiled on November 16, 2023, with a focus on redefining the segment through advanced efficiency and spacious design for family use. Featuring dual electric motors in its Grand Touring variant, it delivers 828 horsepower and an EPA-estimated range exceeding 440 miles, prioritizing aerodynamic efficiency with a below 0.24, the lowest among three-row SUVs. The vehicle's interior accommodates up to seven passengers with configurable seating, emphasizing utility and performance in a sleek profile that achieves over 3.6 miles per kWh efficiency. This design shift targets the larger family SUV market, where demand has outpaced sedans, enabling Lucid to leverage its expertise for broader appeal amid competitive pressures in premium electric vehicles. Production of the commenced in December 2024 at Lucid's facility, entering phases in 2025 with customer deliveries slated to begin in late 2025. Initial output faced setbacks from a shortage of rare-earth magnets sourced from , which nearly halted assembly lines and prompted scaled-back 2025 volume targets as of August 2025; however, Lucid reported resolution of most supply constraints thereafter. These disruptions stemmed from restrictions on magnet exports, highlighting vulnerabilities in global supply chains for permanent magnet motors critical to the vehicle's performance. Base pricing starts at approximately $79,900 for the Touring model, with the Grand Touring trim at $94,900, positioning it as a premium offering competitive with rivals like the and . Despite claims of a substantial order backlog, Lucid has introduced targeted incentives, including a $3,000 discount on select display units and lease adjustments incorporating a $7,500 federal equivalent through year-end 2025, amid reports of softening demand evidenced by lease deals as low as $1,299 monthly. The company maintains no widespread discounting, attributing such measures to fulfilling pre-existing reservations while navigating production ramps.

Pipeline and Future Vehicles

Lucid Motors has announced plans for a midsize electric crossover SUV, internally referred to as the "," targeted at a under $50,000 to broaden its market reach beyond luxury segments. Production of this model is slated to begin in late 2026, with an official unveiling expected in late 2025 or early 2026, positioning it as a direct competitor to vehicles like the . The midsize platform will support multiple variants to enhance scalability, though specific details on range, , or additional body styles remain undisclosed. To achieve mass-market expansion without solely relying on in-house vehicle production, Lucid is pursuing licensing and supply agreements with other automakers. A key example is its 2023 deal with , valued at a minimum of $450 million, providing access to Lucid's proprietary components, including high-performance twin-motor drive units, battery systems, and software integration. Lucid's CEO Peter Rawlinson has outlined a vision for the company to evolve into primarily a provider—aiming for 80% of revenue from licensing—enabling partners to manufacture components locally while leveraging Lucid's efficiency-focused innovations. Discussions for similar partnerships with additional manufacturers are ongoing, potentially accelerating R&D scalability by distributing development costs. These ambitions face significant feasibility hurdles tied to Lucid's financial position and external factors. The company remains heavily dependent on Saudi backing amid ongoing cash burn, with recent production forecast cuts for 2025 attributed to rising costs, trade tensions, and constraints. The elimination of U.S. federal EV tax credits in late 2025 exacerbates pressures, as Lucid's models have historically relied on such incentives to offset high expenses, prompting repeated reductions on existing vehicles that strain margins. Achieving cost reductions through internal efficiencies, such as platform sharing and optimizations, will be critical for the midsize SUV's viability, though analysts question whether Lucid can match rivals' without sustained subsidies or broader licensing revenue.

Operations and Manufacturing

Facilities and Capacity

Lucid's flagship manufacturing facility, the Advanced Manufacturing Plant-1 (AMP-1), is situated in , where vehicle production commenced in September 2021 with the assembly of the sedan. The site has seen phased expansions, including a 3 million addition completed in early 2024 to support increased output, with further land preparation on 1,300 acres underway as of February 2025 to enable future scaling. While AMP-1's long-term design capacity targets up to 400,000 vehicles annually, actual production has lagged, with 2025 plans incorporating a second shift to reach 18,000–20,000 units amid ongoing ramp-up challenges evidenced by year-to-date shortfalls requiring accelerated Q4 output to meet the lower end of guidance. In parallel, Lucid established Advanced Manufacturing Plant-2 (AMP-2) in , , which opened in September 2023 for semi-knocked-down (SKD) assembly with an initial annual capacity of 5,000 vehicles, primarily serving local market demands tied to Saudi diversification goals under backing. Expansion plans include transitioning to full by mid-decade, with mass production of a mid-size slated for late 2026 and a targeted capacity of 150,000 units by early 2027 for global export, though timelines remain provisional amid infrastructure buildout. Arizona operations have drawn scrutiny for environmental impacts, particularly high water consumption in the arid desert region, where expansions are projected to elevate usage further, prompting legislative support for infrastructure like an $8 million allocation to mitigate shortages. On labor fronts, the company has faced National Labor Relations Board charges for allegedly firing union organizers in 2023, resulting in a September 2024 federal injunction for reinstatement and a January 2025 settlement including $258,000 in payments to affected workers, reflecting efforts to suppress organizing drives at the non-unionized facility.

Supply Chain Dynamics

Lucid Motors relies on as its primary supplier for cells, particularly 21700 cylindrical cells co-developed for enhanced and performance, as demonstrated by the Grand Touring achieving a of 1,205 kilometers on a single charge in August 2025. This partnership, established in 2016, supports core vehicle powertrains but underscores external dependencies that can introduce production variability. A major vulnerability stems from reliance on rare earth magnets for electric motors, with China dominating approximately 90% of global production and refining, creating exposure to export restrictions and supply disruptions amid U.S.-China trade tensions. In April 2025, imposed curbs on rare earth magnet exports in retaliation for U.S. tariffs, exacerbating shortages that nearly halted Lucid Gravity SUV production by August 2025, as the company struggled to secure sufficient components despite stockpiling efforts. These bottlenecks contributed to low Gravity registrations—only nine in the U.S. through mid-2025—and highlight how geopolitical factors can constrain output reliability for EV makers dependent on concentrated Asian sourcing. To counter these risks, Lucid has initiated supplier diversification, including domestic partnerships for , , and , alongside a July 2025 collaborative with U.S. critical minerals producers to bolster American-sourced materials. The company is also reengineering motors in-house and developing rare-earth-free alternatives, as stated by interim CEO Marc Winterhoff in September 2025, though these efforts have yet to fully offset delays from ongoing shortages. While Lucid emphasizes in areas like assembly and software to enhance control and efficiency, it continues key components such as battery cells and s, limiting the strategy's effectiveness against global bottlenecks and necessitating adaptive measures like part count reduction for resilience. This hybrid approach has proven insufficient to eliminate production halts, as evidenced by the 2025 , revealing persistent gaps between integration rhetoric and outsourced realities in a geopolitically volatile supply landscape.

Ownership and Financial Structure

Major Investors and Funding Rounds

Lucid Motors, originally founded as Atieva in 2007, obtained seed and early-stage venture funding in the range of tens of millions through 2016, primarily from investors including Capricorn Investment Group and , to support battery technology development. Significant scaling funding commenced in September 2018 with a $1 billion investment led by an affiliate of the , enabling factory construction and vehicle prototyping. The company's path to public markets culminated in a merger with special purpose acquisition company Churchill Capital Corp IV, completed on July 23, 2021, which generated approximately $4.5 billion in gross proceeds, including $2.5 billion from (PIPE) commitments at $15 per share and additional cash from the SPAC's trust. This transaction valued the pro-forma enterprise at $24 billion but introduced dilution through new share issuance, with PIPE investors gaining preferential terms amid high market enthusiasm for startups. Post-IPO, Lucid pursued further capital via notes and equity sales; a notable $1 billion senior notes offering closed in June 2022, maturing in 2026 with a low 1.25% but convertible into shares, balancing immediate cash needs against future equity conversion risks. Subsequent raises in 2024 included a $1.0 billion equity investment from a affiliate in March, providing non-dilutive bridge liquidity relative to broad offerings. An August commitment for up to $1.5 billion in phased funding followed, tied to production ramp-up, while an October of yielded $1.67 billion in gross proceeds, incorporating matched investment from a PIF affiliate and resulting in substantial share dilution as over 200 million new shares were issued at a discounted price. In 2025, invested $300 million in July, closing in September, as a corporate minority stake focused on autonomous driving platform synergies for applications, offering strategic validation over pure financial infusion but with limited immediate dilution given the targeted scale. Overall, Lucid has raised over $10.5 billion in total funding, with the majority accruing post-2018 through these instruments, enabling facility expansions and R&D but at the cost of progressive shareholder dilution—evident in the tripling of outstanding shares since IPO—and dependency on convertible debt terms that could amplify equity pressure upon conversion.
DateTypeAmount (USD)Key Investors/Notes
September 2018Equity$1 billionLed by PIF affiliate; factory funding
July 2021SPAC Merger & PIPE$4.5 billionChurchill Capital IV; $24B pro-forma valuation
June 2022Convertible Notes$1 billionSenior notes, 1.25% interest, 2026 maturity
March 2024Equity$1 billionPIF affiliate
August 2024Convertible/Equity CommitmentUp to $1.5 billionPhased PIF funding
October 2024Public Offering$1.67 billionIncludes PIF affiliate match; ~200M shares issued
September 2025Corporate Minority$300 millionUber; AV/robotaxi focus

Saudi Public Investment Fund Role

The (PIF) of first invested in Lucid Motors through an agreement executed on September 17, 2018, committing over $1 billion to support the development of electric vehicles, with the investment conditional on establishing manufacturing in . This funding enabled Lucid to advance production timelines for its model, initially targeting availability in 2020. By April 2019, following approval from the U.S. Committee on Foreign Investment in the United States (CFIUS), PIF had secured majority ownership, receiving initial proceeds of $200 million as part of the phased investment. PIF's stake escalated post-Lucid's July 2021 public listing via SPAC merger, reaching approximately 60% by 2024 and around 64% as of late 2024 through additional purchases and affiliates like Ayar Third Investment Company. This control has facilitated ongoing capital infusions, totaling about $8 billion by mid-2024, including a $1.5 billion commitment announced in August 2024 to fund operations amid persistent losses. In alignment with Saudi Arabia's Vision 2030 economic diversification goals, PIF has driven Lucid's expansion into the kingdom, including the opening of Saudi Arabia's first car manufacturing facility in in 2023, aimed at localizing production and boosting the domestic EV sector. Strategically, PIF's involvement includes securing a April 2022 commitment from the Saudi Ministry of Finance for up to 100,000 Lucid vehicles over an unspecified period, encompassing Air sedans and future models to support government fleet electrification. This dependence on PIF funding has been pivotal for Lucid's liquidity, enabling facility expansions despite U.S. market challenges, but it introduces risks of reduced strategic autonomy, as decisions may prioritize Saudi interests such as technology localization over purely commercial imperatives. Geopolitical tensions, including potential U.S. scrutiny of foreign influence in a critical auto technology firm, persist despite CFIUS approvals, contrasting with domestic critiques of EV subsidies that favor entrenched players.

Financial Metrics and Performance

In the second quarter of 2025, Lucid Group reported of $259.4 million, primarily from vehicle sales and services, amid ongoing operational scaling efforts. However, the company recorded a net loss of $855 million for the period, reflecting high costs in , development, , and administrative expenses that outpaced generation. This contributed to a GAAP diluted net loss per share of $0.28. Cumulatively, Lucid's accumulated deficit stood at approximately $13.8 billion as of June 30, 2025, underscoring persistent unprofitability since despite incremental growth. Lucid maintained total liquidity of about $4.86 billion at the end of Q2 2025, bolstered by prior equity issuances and debt facilities, providing a for near-term operations. The company revised its 2025 production guidance to 18,000–20,000 vehicles, down from earlier targets, signaling challenges in ramping output amid supply constraints and market dynamics. Despite these reserves, Lucid's cash remains elevated, with quarterly operating losses exceeding $600 million in adjusted EBITDA terms, prompting analyst concerns over the of its funding-dependent model without accelerated cost reductions or volume breakthroughs. Lucid's (NASDAQ: LCID), which debuted via SPAC merger in July 2021 at peaks above $50 per share, has since declined sharply to historical lows near $2.30 by late 2022, reflecting investor doubts about execution and profitability timelines. As of February 11, 2026, shares closed at $10.92, with after-hours trading at $10.93 (up $0.01 or 0.09%), with volatility tied to quarterly results and sector pressures, yet trading volumes and valuation metrics—such as a negative P/E ratio—continue to highlight market skepticism toward Lucid's path to positive , estimated by some projections as delayed beyond 2028 absent major efficiencies.

Market Impact and Challenges

Sales Deliveries and Market Position

Lucid Motors recorded 10,496 vehicle deliveries in the first nine months of 2025, comprising 3,109 units in the first quarter, 3,309 in the second, and a record 4,078 in the third. Analysts project full-year 2025 deliveries at approximately 16,800 units, reflecting incremental growth but remaining constrained by production ramp-up and challenges. These figures position Lucid as a low-volume player in the EV sector, with cumulative deliveries since 2021 totaling under 30,000 units amid a focus on luxury sedans and the nascent SUV. Sales are disproportionately influenced by , where Lucid holds the top EV and benefits from local incentives and assembly operations supported by the . In Q2 2025, Saudi revenue represented 13.8% of the total, up significantly from prior quarters due to dedicated shipments—such as 600 vehicles for final assembly in Q1—though U.S. sales still dominated at 82% of revenue. This regional skew obscures weaker organic U.S. , as Saudi purchases bolster overall metrics without proportionally reflecting broader market adoption. The Lucid Air's base of $69,900 for the 2025 Pure trim enforces a premium positioning that caps at niche levels, targeting affluent buyers rather than mass-market consumers. Comparable to the , which maintains luxury pricing but has amassed far higher lifetime volumes through earlier market entry and brand scale, Lucid's deliveries trail significantly—annual figures in the low teens of thousands versus Tesla's historical peaks exceeding 50,000 Model S units per year. This underscores Lucid's strategy as a specialized luxury entrant, vulnerable to economic sensitivity in high-end segments. To broaden reach, Lucid plans exports from its Saudi manufacturing facility, initially serving local demand but designed for global distribution to mitigate U.S.-centric limitations. U.S. sales have relied on federal incentives, including the $7,500 EV , whose 2025 phase-out contributed to delivery shortfalls against expectations and heightened dependence on pricing adjustments and regional diversification.

Reception Achievements and Criticisms

The Lucid Air has received acclaim for its technical achievements, particularly in range and performance. In July 2025, the Grand Touring established a for the longest journey by an on a single charge, covering 1,205 kilometers (approximately 749 miles). The model also holds EPA-estimated ranges of up to 516 miles for the Grand Touring variant, contributing to its recognition in efficiency benchmarks. In acceleration, the Sapphire achieved a production car record 0-60 mph time of 1.881 seconds in testing with optional track tires, outperforming competitors like the Turbo GT. These feats earned awards including the 2023 and Motor Trend's 2022 , with the Sapphire later winning German Performance Car of the Year for 2026. The 2025 Lucid Air Pure further advanced efficiency standards, achieving an EPA rating of 5 miles per kWh—the highest for any vehicle—and up to 146 MPGe, positioning it as a leader in energy utilization among electric sedans. This benchmark underscores Lucid's engineering focus on powertrain optimization, with the Air winning the 2023 World's Greatest Powertrain Award for delivering over 500 miles of range from a compact motor design. Criticisms have centered on real-world ownership experiences, contrasting with media emphasis on specifications. Consumer Reports assigned the 2025 Lucid Air a predicted reliability score of 7 out of 100, the lowest among reviewed electric vehicles, based on owner surveys citing frequent issues. Owners in forums report persistent software bugs, including mobile app failures for climate control and door access, navigation glitches, intermittent stereo dropouts, and sensor errors during parking or autonomous maneuvers. Depreciation rates have drawn sharp rebuke from analysts and owners, with iSeeCars data showing the Air losing 76% of its value over seven years—far exceeding industry norms for luxury electrics. Specific cases include a 2023 model depreciating 47% in eight months, equating to over $200 daily loss, and owners reporting $100,000 drops in two years amid broader EV market softness. While media outlets highlight benchmark prowess, owner forums reveal gaps in daily usability, with some expressing regret over unresolved glitches despite over-the-air updates, suggesting early production scaling prioritized specs over refined .

Controversies and External Pressures

In , Lucid Motors faced customer complaints regarding excessive end-of-lease charges for minor wear, such as scratches, scuffs, and , with some lessees reporting bills exceeding $3,800 despite pre-return inspections. These disputes prompted Lucid to announce reviews of all recent lease-end charges for fairness and consistency with policies, alongside updates to return processes amid backlash on forums and . A filed in late 2024 accused Lucid's CEO Peter Rawlinson and other executives of breaching fiduciary duties through misleading statements on production capabilities, allegedly inflating forecasts to justify , including Rawlinson's $379 million package in 2022. The suit highlighted discrepancies between announced targets and actual output, with prior securities actions partially dismissed but affirming some claims of by Rawlinson. Owner reports and reviews have documented build quality concerns, including inconsistent panel gaps, rattles after mileage accumulation, and software glitches such as garbled voice commands, trunk malfunctions, and erroneous alerts. These issues, noted in early production Air models and extending to prototypes, contrast with Lucid's luxury positioning but have improved iteratively per some assessments. Lucid's heavy reliance on Saudi Arabia's (PIF), holding over 60% ownership and providing billions in funding, has drawn scrutiny for potential conflicts in an EV firm backed primarily by oil-state capital, questioning long-term viability amid U.S. geopolitical tensions. A 2024 federal also addressed allegations of Lucid firing union supporters at its plant, ordering reinstatement. Broader external pressures include the EV market correction, with Lucid reporting $684.8 million in Q1 2024 losses ($348,124 per vehicle delivered), exacerbated by critiques of distorting competition—Lucid's CEO has decried Chinese EV overcapacity as government-fueled while advocating retention of U.S. credits to avert drops. Proposed eliminations under U.S. policy shifts could heighten challenges for Lucid, given its and sales shortfalls.

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