Last month, Lucid CEO Peter Rawlinson mentioned that the company was engaged in discussions regarding the licensing and sale of its powertrain technology. However, he refrained from sharing any specific details about potential partners or the timing of such deals.
Rawlinson stated that Lucid’s initial focus would be on providing high-performance, ultra-high voltage technology, which is not suitable for the mass-market. This focus is reflected in Lucid’s recent deal with Aston Martin. Nevertheless, Rawlinson believes that as Lucid expands its product lineup to include more mass-market models, its business licensing operations will also grow.
Lucid has plans to introduce a model in the second half of this decade to compete directly with Tesla’s mass-market option, the Model 3. As Lucid, along with other rival companies, faces challenges related to mounting losses, cash reserves, and a price war instigated by Tesla, establishing a growing business that supplies technology to other automakers would greatly benefit the company.
Lucid’s ambition to serve as a supplier to other car manufacturers aligns with the strategy of Croatian electric sports car maker Rimac, which has also supplied parts to Aston Martin and is working towards providing components for mass-market models.
Rather than venturing into the production of a $25,000 car, which Rawlinson considers necessary to bring about real change, Lucid intends to focus on licensing its technology to companies that have the capacity to enter that market. This approach, according to Rawlinson, is more sensible.
Although Aston Martin and Lucid share a common shareholder in Saudi Arabia’s Public Investment Fund, Rawlinson clarified that the Saudi wealth fund played no role in the deal between the two companies. He emphasized that Aston Martin independently chose what it believed to be the best technology available.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.