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The LCID merger has been completed and the ticker change will be happening Monday 7/26. So lets start up with the background on the company.
Leadership: Peter Rawlinson: Current CEO/CTO - Peter has over 30 years of automotive experience. Prior to Lucid, Peter was Vice President of Vehicle Engineering at Tesla and Chief Engineer of the Model S, where he led the engineering of the Model S.
Derek Jenkins: Senior Vice President of Design and Brand - Before joining Lucid, Derek was the Director of Design at Mazda North America Operations where he oversaw all design developments locally and globally. He also spent nine years as the Chief Designer for Volkswagen North America, and eight years with Audi, serving first as Lead Exterior Designer, followed by Assistant Chief Designer for Audi Design.
Michael Bell: Most recently, Michael was Chief Technology Officer for Rivian. He has 30 years in the tech field includes 16 at Apple and five at Intel. At Apple, he played significant roles in the development of iPhone, iMac, AirPort, and Apple TV products.
In short Lucid team is comprised of leaders with decades of experience in lead roles in automotive and technology industries.
Now, lets talk about the cars. Prior to the Lucid air, Lucid was known for Formula E racing. Lucid’s technology arm Atieva develops and builds the battery packs powering every car on the grid in the world's leading electric racing championship field. Currently Lucid's lineup with consist of 4 models: The Air, available in 2022, from $77,400. Air Touring model, from $95,000 Air Grand Touring, from $139,000 Air Dream Edition, at $169,000 Lucid Air EV has a battery capacity of 113.0 kWh and a range reported as high as 517 miles. That is more efficient than the Model S Long Range Plus, which has a 98.0-kWh capacity and 402 miles of range. Lucid's Dream edition will also boast a modest 1080HP. Lucid currently has reached 10,000 preorders, representing over 650M in anticipated sales. Lucid expects 577 of these to be delivered this year.
In November, Lucid finished building the first phase of its factory in Casa Grande, Arizona, with the capacity to deliver up to 30,000 units per year initially, with up to 400,000 units annually in the future. The site sits on 590 acres allowing for additional expansion. The next phase expected to begin later this year – enabling production of Project Gravity, a premium SUV, and is expected to be fully produced and delivered by 2023.
Lucid is also backed by the wealthy Saudi PIF (Public Investment Fund). They will be the largest shareholder, however there are also other companies in the pipe. Including Fidelity Management & Research, BlackRock, Neuberger Berman, Franklin Templeton, Wellington Management, and Winslow Capital Management.
However I've been focusing on the Saudi Fund, they currently hold over 430B in assets, and for such an oil rich company to be backing an EV, if that doesn't scream bullish....The pipe shares will also be locked until at least September 1, so I would not expect a selloff this week.
Lucid Currently has 8 showrooms but has plans to open 20 by the end of this year throughout the U.S. and Canada. Long before the SPAC Lucid also promised the Saudi's to build in factory in Saudi Arabia. Talks are the factory would be located somewhere around Jeddah, which would be mark a very significant move as the Middle East shifts its economy from oil to EV's.
Anyways this is my first attempt at a DD so....I'll be trying to read and respond to as many comments as I can.
Edit: current positions 400 email@example.com