Lucid Motors to Provide Customers with Access to Electrify America’s Ultra-Fast Charging Network

Posted on by cannasolar

Lucid Motors has entered into a preliminary agreement with Electrify America to provide Lucid customers a nationwide charging plan. By the end of June of 2019, Electrify America will install or have under construction over 2,000 DC ultra-fast chargers at nearly 500 sites in metro and highway locations across 40 states and 17 major cities.

Lucid selected Electrify America after an extensive evaluation and cited Electrify America’s DC power levels of up to 350kW and network coverage as key selection criteria. Lucid was also attracted by Electrify America’s premium charging experience, providing EV drivers with safe and convenient charging locations that offer amenities like shopping, food, and restrooms.

Lucid’s first vehicle, the Lucid Air sedan, will begin production in 2020. “We are excited to be working with Electrify America given its extensive charging network and aggressive growth plans. The groundbreaking battery technology we developed for the Lucid Air allows class leading EPA range and ultra-fast charging with minimal cell degradation. Combining our technology with Electrify America’s network provides our customers with a comprehensive charging solution for their everyday lives,” said Peter Rawlinson, Chief Technology Officer of Lucid.

Electrify America is investing $2 billion over ten years in zero emission vehicle (ZEV) infrastructure, education, and awareness initiatives to help drive ZEV adoption. “Electrify America is proud to provide Lucid and its customers with our ultra-fast charging,” said Giovanni Palazzo, President and CEO, Electrify America. “Our high-powered, nationwide network of chargers is a great match with the EV technology offered by Lucid and a further opportunity to expand electric vehicle adoption in the U.S.”

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Lucid Signs $1bn+ Investment Agreement with Public Investment Fund of Saudi Arabia

Posted on by cannasolar

Here it is, a major investment into electric transportation by a government that wants a big piece of the new economy’s electric transportation sector. Telsa, who is the undisputed leader in electric automotive transportation may now have some competition. It looks like there will be a two year buffer to get all the production kinks worked out before there is any hint of a car to even roll off the production line for Lucid. Let’s see..this is going to be exciting!!

Lucid Motors announced today that it has executed a $1bn+ (USD) investment agreement with the Public Investment Fund of Saudi Arabia, through a special-purpose vehicle wholly owned by PIF.

Under the terms of the agreement, the parties made binding undertakings to carry out the transaction subject to regulatory approvals and customary closing conditions.

The transaction represents a major milestone for Lucid and will provide the company with the necessary funding to commercially launch its first electric vehicle, the Lucid Air, in 2020. Lucid plans to use the funding to complete engineering development and testing of the Lucid Air, construct its factory in Casa Grande, Arizona, begin the global rollout of its retail strategy starting in North America, and enter production for the Lucid Air.

Lucid’s mission is to inspire the adoption of sustainable energy by creating the most captivating luxury electric vehicles, centered around the human experience. “The convergence of new technologies is reshaping the automobile, but the benefits have yet to be truly realized. This is inhibiting the pace at which sustainable mobility and energy are adopted. At Lucid, we will demonstrate the full potential of the electric connected vehicle in order to push the industry forward,” said Peter Rawlinson, Chief Technology Officer of Lucid.

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Lucid and PIF are strongly aligned around the vision to create a global luxury electric car company based in the heart of Silicon Valley with world-class engineering talent. Lucid will work closely with PIF to ensure a strategic focus on quickly bringing its products to market at a time of rapid change in the automotive industry.

A spokesperson for PIF said, “By investing in the rapidly expanding electric vehicle market, PIF is gaining exposure to long-term growth opportunities, supporting innovation and technological development, and driving revenue and sectoral diversification for the Kingdom of Saudi Arabia.”

The spokesperson added, “PIF’s international investment strategy aims to strengthen PIF’s performance as an active contributor in the international economy, an investor in the industries of the future and the partner of choice for international investment opportunities. Our investment in Lucid is a strong example of these objectives.”

This press release was originally published on SEP 17 2018 on www.lucidmotors.com