CAR NEWS: Luxury EV carmaker Lucid Motors looking for money

Lucid Motors was founded in 2007 and is based in Menlo Park, CA. They were best known for developing battery technology early on but in December of last year, they unveiled the Lucid Air and showed it off again at this spring’s New York international auto show.

The Air is a very luxurious, customizable 4-door sedan for the near common folk as its starting price is of $52,500. For this amount, buyers will get a RWD 400-horsepower EV with a 240-mile (385 km) range. Many options will be put forth including a twin-motor setup that generates 1,000 horsepower with a proposed range of 315 miles (505 km). The price will also climb into the six-figure range. The car looks great in the flesh and should be interesting to drive but there’s one issue at the moment: Although they expect to start selling the cars by late 2018 or early 2019, they’ve yet to build an assembly plant.

The plant’s location will be Arizona and the expected cost will be of $700 million. Lucid has already raised $100 million thanks to Asian investors but they’re still ways off before they can set up the ground-breaking ceremony.

In a new round of fund raising, Lucid approached Ford about a possible sale. Nothing concrete has come of the discussion however the Blue Oval is not ruling out some kind of deal in the future. Remember, Ford is hard at work electrifying 40% of its fleet as it vowed for 2020, with a $4.5 billion investment. They’ve also promised to put autonomous cars on the road by 2021 and they will more than likely by electric as well.