On Wednesday, Lucid Motors Inc CEO Peter Rawlinson told Yahoo! Finance that the premium electric vehicle maker plans to fight with market leader Tesla Inc (NASDAQ: TSLA) in a “two-horse” electric vehicle development race.
What happened was this: Legacy automakers, according to Rawilson, are spending billions of dollars into the race because it is a technology competition. Tesla is at the top of the list in this category, and Lucid wants to emulate this with its technologies.
According to Rawilson, all automakers have lots of room to prosper in the electric vehicle space, and more competition will only benefit the industry.
Also read: Why Doesn’t Lucid CEO See Apple Car As A Threat To EV Makers Like His?
Rawlinson, a British engineer residing in California, was previously the main engineer on Tesla’s Model S, and he’s quite concerned about the company.
“And there is only one runner in that tech race right now, and that runner is Tesla. That is why Tesla has such a large market capitalization. That is why it has such a prominent place “Rawlinson continued. “We want this to be a two-horse race.”
Also see: In a ‘pivotal year,’ Lucid appoints a former Waymo executive as CFO.
Why Does It Matter? Later this month, Lucid Motors will go public through a SPAC merger with Michael Klein’s Churchill Capital Corp IV (NYSE: CCIV).
On Wednesday, the EV company announced that its first all-electric Lucid Air luxury automobile had received over 10,000 ‘bona fide’ orders with suitable deposits, with some exceeding $7,000.
Lucid is one of a slew of electric vehicle firms that have gone public via the SPAC method.
Churchill Capital’s stock increased 9.42 percent to $28.82 on Wednesday.
For the most up-to-date information on electric vehicles, go to Benzinga’s EV Hub.
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