Lucid Motors is officially on the hunt for “partners,” but all signs point to something bigger — potentially a takeover by major players in the car industry.
Struggling with big financial losses from its car production, the electric vehicle (EV) maker is turning to more established automakers for help.
Looking for Partners
Lucid has already teamed up with Aston Martin to supply technology for their future EV platform, but it’s not stopping there.
CEO Peter Rawlinson recently told Bloomberg that Lucid is in talks with “a few” car companies, including Genesis, Hyundai’s luxury brand.
Rawlinson says the goal is to share Lucid’s advanced technology with bigger brands to support the EV revolution while benefiting from their large-scale production capabilities and supply chains.
Right now, the deal with Aston Martin is one-sided — Lucid provides the tech, and Aston Martin plans to launch its first EV using that technology in 2026.
However, Lucid hopes future deals will bring in more than just cash.
Rival EV Makers Are Teaming Up Too
Lucid isn’t the only EV maker looking for partnerships.
Rivian has already partnered with Volkswagen to co-develop electric cars. VW has promised to invest nearly $5.9 billion in the project, and the first vehicles are expected to roll out by 2027.
There’s already a prototype VW electric car running on a Rivian platform. And with Volkswagen owning the revived Scout brand, it’s possible future Scout models like the Terra and Traveler will be built on Rivian platforms with only minor design tweaks.
New Plans
Lucid is known for its cutting-edge EV tech, like its 900-volt platform and super-efficient electric motors. But it’s facing a major hurdle: scaling up production without losing big money on every car.
That’s where bigger car companies with more experience could come in handy.
Lucid is currently ramping up production of its second model, the Gravity SUV, and has announced a third model on the way. This new mid-size SUV will start at around $47,000 in the U.S., making it more affordable than Lucid’s current offerings.
Lucid’s cheapest model, the Air Pure, starts at $70,000, while its high-end Air Sapphire costs over $245,000. The new mid-size SUV is expected to sell in much higher numbers, giving Lucid a chance to boost sales and grow its customer base.
Peter Rawlinson has ambitious goals, aiming to sell 1 million cars a year.
Lucid is betting big on its SUVs to get there, but the reality is it’s far from hitting those numbers. By 2024, Lucid expects to produce fewer than 10,000 cars.
