Lucid’s fortunes are looking up
- Saudi Arabia is already closely associated with Lucid Motors, but rumors late last week that the government’s Public Investment Fund would like to buy more stake in Lucid sent prices up 43%.
- PIF already owns more than 60% of Lucid and is committed to buying up to 100,000 EVs from automakers over the next decade. Lucid also announced that it will build a factory in Saudi Arabia.
- Also last week, Lucid announced that it will provide a 469-horsepower electric drive unit for all Formula E race cars this season. The EDU contains the motor, inverter, differential, and transmission and is used to obtain braking energy.
Despite having huge oil reserves, Saudi Arabia is interested in electric vehicles.whether the deal canoe In the case of fleet vehicles and the Saudi Ceer, a homegrown mass-market EV due in 2025 backed by FoxConn, Saudi Arabia is in the EV game. Russid’s country ties are well-established, and rumors that the Saudi government may increase its investment in the luxury car maker saw his shares rise 43% to close at $12.87 on Friday.
Although nothing has been officially announced regarding such a deal, Reuters reported Saudi Arabia’s Public Investment Fund (PIF) considering buying the remaining stake in Lucid. Lucid shares fell 4.5% over the weekend from Friday’s highs.
Last year, Lucid sold approximately 86 million shares to PIF affiliates for approximately $915 million. Lucid sold other stakes to other groups, but the deal kept PIF’s overall investment in Lucid steady at about 62%, according to CNBC. Last spring, the Saudi government announced that he would buy between 50,000 and 100,000 Lucid EVs over the next decade. Lucid also announced that it will build his second factory in Saudi Arabia. Last year, Lucid built a total of 7,180 vehicles at its sole plant in Arizona.
Lucid has made news of a different kind with the all-electric Formula E race series. The company announced that all vehicles will use its own electric drive unit (EDU), which includes a motor, inverter, differential and transmission, producing up to 469 horsepower. Gen3 Formula E Race CarLucid said the EDU provides regenerative energy recovery from the front wheels. Formula E regulations prevent EDU from sending all 469 horses to the front wheels, but Lucid plans to take EDU’s tech beyond Formula E.
In fact, in the announcement, Lucid technically didn’t say anything about Formula E. Instead, EDU said it was found in the cones of every car in the “world’s leading single-seater electric racing series”. Formula E. Lucid has a history in racing series and has developed battery packs used in previous Formula E seasons.
The Lucid highlights the EDU’s high power density (6.7 horsepower per pound) in a unit that weighs just over 70 pounds and can rev up to 19,500 rpm. Some technology is found in both vehicles, such as the proprietary Microjet cooling system, although it’s not the same unit found in the Lucid Air electric sedan.
Lucid CEO Peter Rawlinson said in a statement: “We are excited that some of the technological advances introduced could lead to future Lucid road cars.” The technology transfer between and road car is a two-way symbiosis.”
Lucid builds each Formula E EDU at its California headquarters.
https://www.caranddriver.com/news/a42697100/lucids-fortunes-are-looking-up/ Lucid’s fortunes are looking up