Lucid is showing signs of becoming a credible alternative to Tesla and German luxury vehicles in 2021 and beyond.
Like Tesla, it’s a scrappy startup, it’s aiming initially at a high-end all-electric sedan like Tesla did with the Model S, it’s trying to build a sales and service network in key markets as Tesla did, and, most importantly, is now constructing a factory in Arizona (see this recent Lucid video).
But that hasn’t always been the case.
When Lucid announced the Air in 2017 with a price tag of $60,000, it also boasted about plans for a factory in Arizona.
But those plans were shelved when it couldn’t secure enough funding.
That changed in late 2018 when Lucid secured over $1 billion from the Public Investment Fund of Saudi Arabia. That investment was completed in April 2019.