Categories Other Industries, U.S. Markets News

Not for sale, says Tesla rival on Ford takeover rumors

Ever since California-based Lucid Motors clinched a $1-billion investment from Saudi Arabia’s Public Investment Fund (PIF) beating bigger rival Tesla Inc (TSLA) in September last year, the electric vehicle maker has been in the limelight.

Now, the company is reportedly planning to share its electric vehicle technology with other automakers.

Lucid might get funding from Saudi's PIF
Lucid Air (Image courtesy: Lucid Motors)

Lucid Motors CTO Peter Rawlinson told Bloomberg, “We’re actually currently in dialogue with companies that are interested in our technology. If there is an opportunity for partnership with some way that doesn’t dilute our brand and is beneficial, then that would be ultimately a board decision.”

Lucid Motors did not specify, which automakers they were in talks with.

Notably, Rawlinson is a former Tesla executive and has served as the chief engineer of Model S.

Rawlinson also rubbished rumors that the company was on sale, Ford (F) being the potential buyer. “We want to grow this business. Some sort of short-term move of a sale is just not on the agenda for me or any of the team. We see huge, long-term value for Lucid,” he told Bloomberg.

Read: Anti-climax: Tesla rival might bag Saudi investment

He added that Lucid Motors might go public once its Air is under production. The company will use the funding from the Saudi wealth fund to construct a manufacturing plant in Casa Grande, Arizona, where the production of Air would begin late next year.

The prototype of Lucid Air was unveiled in December 2016. The vehicle boasts of achieving acceleration of 0-60mph in just 2.5 seconds, with a top speed of 235mph. Market observers expect its price to be somewhere around $60,000.

 

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference, and much more!

Most Popular

MU Earnings: Micron’s Q4 profit declines but beats estimates

Micron Technology Inc. (NASDAQ: MU) Thursday said its fourth-quarter profit declined from last year, hurt by a sharp fall in revenues. Earnings, however, beat the market’s projection. On an adjusted

What are Philip Morris’ (PM) anticipations for the near term?

Shares of Philip Morris International Inc. (NYSE: PM) were down 1% on Thursday. The stock has dropped over 9% year-to-date. Although the tobacco industry has felt the pinch of inflation,

Key highlights from CarMax (KMX) Q2 2023 earnings results

CarMax, Inc. (NYSE:KMX) reported second quarter 2023 earnings results today. Net revenues rose 2% year-over-year to $8.1 billion. Net earnings were $125.9 million, or $0.79 per share, compared to $285.2 million,

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top