A would-be Tesla rival that's developing a 1,000-horsepower electric luxury sedan expands, will move into Tesla's neighborhood
Bryan Logan/Business Insider
- Lucid Motors, an electric-car startup that's developing a 1,000-horsepower luxury sedan it says could rival the Tesla Model S and flagship offerings from Mercedes-Benz and BMW, is moving to a bigger headquarters.
- The company is setting up its new home in Newark, California, not far from Tesla's factory.
- The upstart was deep into a Series D round earlier this year.
The electric-car startup Lucid Motors announced on Monday it is doubling the size of its San Francisco Bay Area headquarters. The company, which is developing the 1,000-horsepower Lucid Air, will move its operations from Menlo Park, California, to Newark - one city over from Tesla's factory in Fremont.
The new digs will allow for a larger design studio and an expanded space for research and development, the company said in a blog post on its website. Lucid Motors has previously touted itself as a challenger to Tesla, but with larger ambitions to take on the mainstays of the full-size luxury sedan segment.
In an exclusive interview with Business Insider earlier this year, Lucid Motors' Chief Technology Officer Peter Rawlinson talked about a future production-ready Lucid Air that would compete with the Mercedes-Benz S-Class and the BMW 7 Series.
At the time of that interview, Lucid Motors had about 300 employees and was backed by Venrock Capital, the same company that led Apple's Series A round in 1978. It was not immediately clear by how much Lucid's ranks have grown since then. The company had a Series D round in the works earlier this year. Months later, Lucid brushed off rumors of a potential sale to Ford, telling Business Insider that the fundraising effort was "going well."
Lucid Motors has been compared to flashy, boisterous electric-car startups like Faraday Future, a Los Angeles-based company that's in poorer financial shape, and steadily losing top talent, but is also trying to build a 1,000-horsepower electric vehicle.
Rawlinson has not taken kindly to the comparison. He has insisted that Lucid will try to avoid making the same mistakes that have thrown its rivals into turmoil. During his February interview with Business Insider, Rawlinson said of building a new electric car from the ground up: "This team realizes the enormity of the task. We're car guys. This is the team that has done it before. We know how to do this."
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- BenQ Zowie XL2546X review – Monitor for the serious gamers
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market