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

V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results

Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew

Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results

Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter

McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings

Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings


  1. Pingback: Arie Baisch
Add Comment
Viewing Highlight