Electric car startup Lucid Motors has hit a $90 billion valuation as it starts to deliver its first set of luxurious electric cars. Lucid Motors are a startup that specialises in Bespoke luxurious performance electric vehicles. The stock market has responded positively to the news with a high valuation.
Its founders and executive are major employees of pioneer electric car company Tesla. The startup has its headquarters in Newark, California and started as a battery company in 2007.
Its initial name was “Atieva” before the company made a shift towards making luxurious electric cars. Fast forward a few years later, Lucid was burning a lot of cash and like Tesla in its early stage was going bankrupt.
The company decided to source for funding, Ford was considering an acquisition but never happened. The matured automobile company went on to buy parts of electric van startup Rivian instead.
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Lucid Motors received massive funding from abroad, the oil-rich Saudi Arabia now own a majority share of the startup. The electric startup (Lucid) recently released its third-quarter 2021 financial report, a week after it started shipping its electric sedan “Air”.
Interestingly, the report says Lucid Motors has received over 17,000 order bookings with a valuation of $1.3 billion. While its cash at the end of the third quarter stood at $4.8 billion. However, the startup has burned more than 1.5 billion in cash this year to ship its “Air” sedan and has spent close to $5 billion since its inception.
Sherry House, Lucid CFO said, “Lucid’s strong balance sheet following the closing of the merger enabled us to drive the growth of our business and execute on our larger mission to inspire the adoption of sustainable energy.”
“Moving forward, we anticipate continuing vehicle deliveries to customers, investing in capacity and capabilities, and providing value to all of our stakeholders.”
Its luxurious Lucid Air sedan also received the EPA certification as the longest -Range production EV. This vehicle exceeds 450 miles of range of charge on a single charge. While the Dream Edition R drives up to 520 miles of range on a single charge, that’s a lot of range.
The startup aims to produce up to 90,000 vehicles per year by the end of 2023. Unlike Tesla, it will be focusing only on luxurious electric vehicles. The Luid “Air” sedan beats the Tesla Model s Plaid narrowly for both mileage and quality assurance.
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