The story
In 2007, Tesla Motors Vice President Bernard Tse, co-founder of Astoria Networks Sam Weng, and inventor Sheaupyng Lin founded a company named Atieva to build electric vehicle batteries and powertrains for vehicle manufacturers. In 2011, Atieva began working with lithium-ion cell maker Lishen to build battery packs for electric buses in China. In 2014, Beijing Automotive Industry Holding (BAIC), a state-owned carmaker, acquired a 25 percent stake in Atieva. Atieva received investments from Tsing Capital, Mitsui, Venrock, JAFCO, and others.
British engineer and businessman Peter Rawlinson, formerly Vice President of Engineering and Chief Engineer of the Model S at Tesla, Inc., joined Atieva in 2013 as Chief Technology Officer (CTO) and board member. Rawlinson and the team rebranded the company Lucid Motors in October 2016 and officially announced the company's intent to develop an all-electric, long-range, high-performance vehicle.
On November 29, 2016, Lucid executives and officials in Arizona announced the planned construction of Lucid's US$700 million manufacturing plant in Casa Grande, Arizona, which was projected to employ up to 2,000 workers by the mid-2020s, initially building 20,000 cars and expanding to 130,000 vehicles per year. Rawlinson took on the additional role of CEO in April 2019 while keeping his role as CTO and board member. The first vehicles rolled off the assembly line on September 28, 2021.
On September 17, 2018, Lucid Motors announced talks with the Public Investment Fund for $1 billion in funding. The investment was completed in April 2019. The investment would fund the final engineering, testing, and production of the Lucid Air, the first-phase construction of its manufacturing plant in Arizona, and its worldwide retail strategy, beginning in North America. Construction of the plant began in late 2019, and the first phase was completed in December 2020. The second phase of construction began in late 2021 to increase production capacity from 34,000 to 90,000 vehicles a year. The completed four phases of the factory are intended to have a combined manufacturing capacity of 400,000 cars per year.
In February 2021, Lucid Motors announced a deal valued at $11.75 billion to merge with Churchill Capital Corp IV, a publicly traded special-purpose acquisition company (SPAC). Rawlinson announced Lucid's intention to produce its Gravity SUV by 2023, then offer a competitor to Tesla's Model 3 by 2024 or 2025. On July 26, 2021, the company went public, with the Public Investment Fund owning 60 percent of Lucid. Short-term price increases recorded an unrealized gain of $20 billion from its $2.9 billion investment, for a period of time.
Lucid began building its first all-electric Lucid Air sedan in Arizona in September 2021, and deliveries began in late October. Lucid produced 7,180 vehicles in 2022, lower than expected, with the company citing supply chain issues. Lucid produced 8,428 vehicles in 2023, meeting the higher end of company guidance.
In June 2023, Lucid signed an agreement to develop and supply electric motors, powertrains, and battery systems for Aston Martin's upcoming range of fully electric cars. According to the terms of the $450 million deal, Aston Martin said it would pay Lucid $132 million in cash for its expertise; Lucid would be given a 3.7 percent stake in Aston Martin worth $100 million; and Aston Martin guaranteed it would buy at least $225 million in powertrain components.
On August 7, 2024, Lucid Group announced a further $1.5 billion in funding from its majority shareholder, Ayar Third Investment Co., an affiliate of PIF. The deal includes $750 million in convertible preferred stock and the rest in an unsecured loan.
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In December 2025, Winterhoff, Lucid Motors interim CEO, announced that the company is on track to produce around 18,000 EVs in 2025. This is in line with the low end of its forecast range.
On April 14, 2026, it was announced that Silvio Napoli, chairman and CEO of Schindler Group, would become Lucid's next permanent CEO.
In July 2026, it was announced that Alexander De Bock, previously CFO of TI Automotive, will join as CFO.
From Wikipedia’s article on Lucid Motors, shared under CC BY-SA 4.0.6