Lucid Reportedly in Talks With Ford About Takeover
Lucid Motors recently asked Ford if it would like to purchase its electric vehicle start-up operation, according to a new report.
Lucid executives reportedly approached Ford senior management about a possible sale of the company to the Dearborn, Michigan based automaker earlier this year. Ford said it wasn’t looking for such a deal at this time, as new CEO Jim Hackett is currently completing a 100-day review of the company’s operations.
That’s not to say the deal will never happen, however. Like just about every other automaker, Ford is looking to roll out a number of plug-in and electric cars in the coming years. Its Detroit crosstown rivals at General Motors already have a range-extending EV and a full EV in the way of the Chevrolet Volt and Bolt, respectively, so purchasing a company like Lucid would be a quick way to inject some life into its alternative powertrains department. Ford has set aside $4.5 billion to electrify some of its cars by decade’s end, but acquiring Lucid would definitely lend some more credence to its EV operations.
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Lucid, which is mainly known for its high-performance Lucid Air prototype, recently hired on Morgan Stanley to help it raise capital for research and development and manufacturing. The automaker previously said it would be unable to go forward with plans to produce a production version of its Air prototype without significant investment and executives at Lucid are reportedly pleased with the response from investors in this round of funding.
A Ford spokesperson said the automaker doesn’t comment on rumors when asked about the matter by Automotive News. Morgan Stanley also declined to provide a statement.
[Source: Automotive News]
Sam McEachern holds a diploma in journalism from St. Clair College in Windsor, Ontario, and has been covering the automotive industry for over 5 years. He conducts reviews and writes AutoGuide's news content. He's a die-hard motorsports fan with a passion for performance cars of all sorts.
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I too would like Ford to buy me out.
Lucid wouldn't lend any credence to Ford, Ford would be lending all the credence to Lucid. Ford already builds an EV and 2 PHEVs and sells them across the country. Most people haven't even heard of Lucid.