Description

This strategic profiling study explores Lucid’s journey as an electric vehicle (EV) automaker and examines its key business models, revenue streams, technology and growth partnerships, and market strategies in the United States, Europe, Saudi Arabia, and China. The study analyzes the company's product portfolio, connected features, and DreamDrive's (its autonomous platform) capabilities and offers a vehicle specification and comparative pricing analysis as well as a detailed analysis of its Lucid Electric Advanced Platform (LEAP). The research delves into a comprehensive examination of the company's financials, production and delivery metrics, strategies for geographic expansion, and initiatives aimed at addressing internal challenges. It also assesses potential growth opportunities for the company.

Lucid’s experience as a battery manufacturer and its technological know-how in power train, charging technology, and battery packs are key growth drivers for the company, allowing it to establish itself in the competitive EV market. Lucid receives most of its financial support from the Saudi Arabian Public Investment Fund (PIF), enabling it to accelerate R&D efforts, increase production capabilities, and support geographic expansion initiatives.

At present, Lucid manufactures the Air luxury sedan car in 5 variants—Pure RWD, Pure AWD, Grand Touring, Grand Touring Performance, and Sapphire. The vehicle claims the longest range of 516 miles in the EV market when compared to competitors, including Tesla and Porsche. Production of the upcoming Gravity model, a 7-seater SUV, is slated to commence in late 2024, with the vehicle already garnering significant consumer interest. In future, Lucid also intends to produce mid-size SUVs, premium sedans, and pickup vehicles to reach a wider audience.

As part of its long-term goal, Lucid aims to grow in the Middle Eastern market, especially in Saudi Arabia. The company also aims to strengthen its presence in key European markets, such as Germany, Switzerland, Norway, and the Netherlands. It is assessing local production plans for and entry strategies into the highly competitive Chinese market but with an unknown timeline.

Lucid has begun to capitalize on its strengths; it has started licensing its proprietary technology platform to other OEMs, such as Aston Martin, suppliers, and Formula E racing teams. In the long run, apart from vehicle production activities, the company plans to establish its position as an EV technology supplier in the automotive market.

Author: Dorothy Amy