• We are currently looking for experienced automotive journalists and editors to join our team.  Make $60k-$80k per year doing what you love. We are also looking for an experienced forum moderator to join our team. See details here. ×

Ford Not Interested In Acquiring Lucid Motors – For Now

Sponsored Links

California-based electric car maker Lucid Motors is looking for some way to finance the ongoing development of its first road car – the Lucid Air – and a future production facility in Arizona. To that end, the company has hired Morgan Stanley to help with a new, fourth round of financing, Bloomberg reports, and more drastically, was recently in talks with Ford Motor Company about a possible takeover.

Ford is reportedly not looking to acquire Lucid Motors at the moment, as the automaker’s new CEO Jim Hackett reviews its priorities and expenses, but neither has Ford ruled out the possibility of a takeover later down the line.

Ford in late-2015 announced $4.5 billion in future investments into expanding its electrified-vehicle portfolio. The company has already announced seven of the thirteen new electrified nameplates that would result from the investments, but lacking a battery-electric car with 200 or more miles of range, it still languishes behind rivals like General Motors, whose new Chevrolet Bolt EV “crossover” delivers an EPA-estimated 238 miles on a full battery charge.

Sponsored Links

Acquiring Lucid Motors could provide Ford with a shortcut to having a desirable, long-range battery-electric vehicle in the lineup – albeit an expensive one. A well-equipped Lucid Air is expected to cost upwards of $100k when it goes on sale within the next two years.

“We don’t have the money in place. That’s why we need to secure [fourth-round financing]” Lucid Motors CTO Peter Rawlinson said last April. “It would be irresponsible to start moving earth or start anything until we have a financial runway to execute that professionally and with absolute integrity.”

Lucid’s future manufacturing facility in Arizona, which will be the company’s first, is expected to cost around $700 million, according to Bloomberg.

Sponsored Links
Sponsored Links

Subscribe to Ford Authority
For around-the-clock Ford news coverage


We'll send you one email per day with the latest Ford updates.

It's totally free.

  • Want to see your Ford vehicle or build featured on Ford Authority? We welcome your submissions. See here for details. ×

Written by Aaron Brzozowski

Aaron Brzozowski is a writer and motoring enthusiast from Detroit with an affinity for '80s German steel. He is not active on the Twitter these days, but you may send him a courier pigeon.

Sponsored Links

Leave a Reply

Your email address will not be published. Required fields are marked *

The Ford GT’s High-Tech Brembo Brakes: Feature Spotlight

GoFundMe To Replace Disabled Boy’s 1970 Mustang Mach 1 Raises $13k And Counting