Ford reportedly approached to purchase California EV startup

Lucid Motors intends to supply the Air electrical sedan in 2018.

Wayne Cunningham/CNET Roadshow

California-based electrical car startup Lucid Motors recommended an acquisition by Ford, in response to an article in Automotive Information. The bid for a buyout reportedly occurred whereas Lucid is searching for funding to get its deliberate Arizona manufacturing plant up and operating.

Lucid calls its first automobile the Air, and intends to start manufacturing this electrical sedan in 2018.

The Air would give Tesla’s Mannequin S wholesome competitors. The sedan is designed to benefit from the compact nature of electrical drive elements, offering the inside area of a giant luxurious sedan in a smaller car. On the identical time, Lucid is claiming 1,000 horsepower and over 300 miles of vary. It not too long ago examined a prototype at 235 mph. Lucid has already mentioned it will promote the Air sedan for $60,000.

Creating and manufacturing a brand new car takes deep pockets, and Lucid is at present in its fourth spherical of fundraising, which it must construct its proposed Arizona manufacturing facility. Automotive Information relied on nameless sources to report that personnel from Lucid recommended the acquisition to Ford executives. Nevertheless, that method was rebuffed, as Ford’s new CEO, Jim Hackett, is at present reviewing his firm’s operations.

Lucid’s final spherical of funding raised $100 million in 2014. The price of the brand new manufacturing facility will come to $700 million.

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