From Tesla to Lucid Motors, CEO Rawlinson Intends to Impress
Originally, Lucid Motors’s company was known as Atieva, which at the time was in the business of developing EV batteries. In 2016, the focus of the California startup company shifted from developing batteries to manufacturing its own electric vehicles. The business is backed by a hefty $1 billion investment from Saudi Arabia's Public Investment Fund.
Recently, the EV startup company reported that the construction of its first factory was completed. Located in Casa Grande, Arizona, the business boasts the “first greenfield, dedicated EV factory to be built in North America.”
With the factory preparing for production, the company unveiled its flagship vehicle, the Lucid Air, which touts a range of up to 517 miles, an acceleration of 0 to 60mph in 2.5 seconds, and a 20 minute charge time for 300 miles of driving.
EV Market Continues to Grow as More Startups, Companies, and Businesses Put Weight Behind the Industry
Not only are startups like Lucid Motors, IM Motors, and Cruise driving up the production of electric vehicles. Massive leaders in the automotive business like GM, Ford, Volkswagen, and more are investing in EV technology, especially in light of the US President’s executive orders and climate change strategies.
Market research suggests that the EV battery market size will increase at a compound annual growth rate (CAGR) of 17.2% from 2018 to 2025, reaching an estimated value of $84 million. Lucid Motors and Rawlinson will have plenty of startup companies and businesses to compete with throughout the sector, especially Elon Musk’s Tesla.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.