A rival to TESLA is celebrating after securing an additional $1.5 billion to help boost its production capacity.
Lucid Motors said its largest shareholder will inject capital in EV ccompany ahead of its most anticipated launch to date.
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Saudi Arabia’s Public Investment Fund, or PIF, is giving it a billion-dollar injection, Lucid announced.
It is the Middle Eastern country’s latest giant investment. PIF injected most of the capital into the nascent EV producer.
PIF holds a 60% stake in the company.
Lucid believes the additional funds will help the company maintain sufficient capital until the end of 2025.
The cash flow comes as Lucid enters one of its most important periods of growth.
The company is using the funds to retool parts of its factories ahead of some product launches and a massive increase in anticipated sales.
It hopes to increase the factory’s capacity to build 150,000 vehicles per year.
Last year, Lucid built fewer than 9,000, according to Reuters.
Lucid has built its first production Gravity, a three-row electric SUV.
The Gravity will likely be its highest-margin vehicle and the flagship of its lineup.
The company remained optimistic about the SUV family truck.
“We believe the Gravity is on track to become the best SUV in the world,” said company CEO Peter Rawlinson on May 6.
The Gravity will join the Air sedan in the product lineup by the end of 2024.
Air sedans are currently the most efficient battery electric vehicles on the U.S. market, achieving an EPA-estimated 5 kWh on the highway and 500 miles of driving range.
That’s almost double that of other EV rivals.
Electric versus gas vehicles
Pros and cons of electric vehicles versus gasoline-powered vehicles
EV PROS:
- Convenient (when charging at home)
- Cheapest (depending on the state or city)
- Cheaper maintenance due to lack of mechanical parts
- Great for commuting
- Reduced CO2 emissions
- Federal and state tax incentives
- More performance (speed, handling – depending on make and model)
EV CONS:
- Higher initial cost
- Higher Insurance Rates
- More frequent tire and brake replacement intervals
- Higher tare weight (thus causing faster wear on crucial parts)
- Low resale value
- High depreciation rates
- Lack of charging infrastructure
- Unreliable public loading (related: slow loading times)
- Poor performance in winter and summer
- Lack of clean energy alternatives means more “dirty energy” from coal and nuclear sources
- Range anxiety
PROS OF GAS:
- Highly developed refueling infrastructure
- Fast replenishment
- Cheapest insurance rates depending on make, model and configuration
- Established repair industry
- Lower initial cost
- Greater range before refueling, especially with hybrids
- Many manufacturers produce engines with almost fewer emissions
- Cheaper refueling depending on location
CONS OF GAS:
- Finite resource (related: heavy dependence on oil)
- Carbon emissions/greenhouse gases
- Higher repair costs
- Higher insurance rates depending on make, model and configuration
- Varied costs at the pump depending on the state, city and municipality
Source: Driver, Perch Energy, Automatic Week
Another battery-electric rival, Rivian, also secured a $1 billion investment earlier this year.
Rivian’s influx comes from Volkswagen. Companies will continue to exchange battery and digital interface technology.
The partnership could expand to a $5 billion deal if the companies expand their relationship.
Rivian and VW have also been working to launch their own electric SUVs.
Rivian is working to launch its R2 and R3 models, while VW is looking to revive the Scout brand as an all-electric company.
This story originally appeared on The-sun.com read the full story
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