The EV startup's products are stunning, but the route to market has not been easy. Now stock prices are rising on Saudi buy-in rumors, and the company is supplying Formula E racing.
that Saudi Arabia's Public Investment Fund is considering buying out the rest of Lucid's stock. Lucid's stock price dropped 4.5 percent over the weekend from the Friday high.
Last year, Lucid sold almost 86 million shares to a PIF affiliate for around $915 million. Lucid sold other shares to other groups, but the deal kept the PIF's overall investment in Lucid steady, at around 62 percent, according to CNBC. Last spring, Saudi Arabia's government announced it would buy between 50,000 and 100,000 Lucid EVs over the next decade. Lucid also announced it would build its second plant in Saudi Arabia.
Lucid made news of another sort in the all-electric Formula E race series. The company announced that its in-house electric drive unit , which includes a motor, inverter, differential and transmission and produces up to 469 horsepower, will be used in every. Lucid said the EDU would provide regenerative energy recovery from the front wheels.
Actually, in its announcement, Lucid technically didn't say anything about Formula E. Instead, it said the EDU could be found in the cone of every car in the "world's leading single-seater electric racing series," so, well, it's Formula E. Lucid has a history with the race series, having developed a battery pack that was used in previous Formula E seasons.
"I'm excited by the prospect that some of the technical advancements introduced may, in turn, make their way to future Lucid road cars," Lucid CEO Peter Rawlinson said in a statement. "For Lucid, the transfer of technology between motorsports and road cars is a two-way symbiosis."
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