Although Lucid Motors is a relative newcomer to the automotive electric-making scene with less production experience than its seasoned counterparts, the company has already established itself as a leader in electric vehicle (EV) innovation.
With cutting-edge technology like its in-house-developed 900-volt platform, Lucid is eyeing ambitious growth strategies. One strategy includes sharing its EV technology expertise with other OEMS looking to expand their EV portfolio.
Lucid Motors’ CEO, Peter Rawlinson, recently confirmed in an interview with Bloomberg that the company was in preliminary discussions with other manufacturers. While he refrained from naming names, speculation mounted, and one of the unnamed parties may be Genesis.
In these collaborations, Lucid aims to supply its groundbreaking EV technology while gaining invaluable business expertise and support ramping up production–an area where the automaker lags behind its more established counterparts.
This approach is not entirely new in the EV space. Rivian, another EV startup, recently secured a multi-billion-dollar partnership with Volkswagen to develop electric vehicles. This alliance clearly illustrates how smaller disruptive companies can benefit from larger, more established automakers’ support, resources, and manufacturing capabilities.
The stakes are high for Lucid, as the company strives to become a global EV powerhouse by delivering 1 million vehicles annually. However, this year’s production–around 100,000 units– reveals the considerable gap between its current output and its ultimate goal. Although the automaker has a long way to go, if it can secure a robust partnership with a seasoned OEM, it stands a real chance of achieving that aspirational goal. With its innovative technology and the right allies, Lucid could transform from an emerging startup into a dominant force in the EV industry.
