Race for the EV Big 3 [mrPliskin/E+ via Getty Images]
Halle-lucid... The sedans are coming. EV startup Lucid went public via a SPAC merger in July, and began delivering its luxury sedans to driveways last month. Yesterday, the Lucid Air — aka Lucid’s first product — was crowned car of the year by auto magazine Motor Trend. It’s the first time the award has been given to a carmaker’s first vehicle (FYI: Tesla won in 2012 for the Model S). The specs:
Making Elon sweat... Lucid shares soared 23% yesterday after it won the award and dropped its first public earnings on Monday. It’s now worth more than Ford, even though it delivered zero vehicles last quarter and lost more than $500M. Investors were revved up over future sales.
We could get an EV Big 3… Just like GM, Ford, and Stellantis (fka Fiat-Chrysler) are the Big 3 Detroit car companies, we could see a Big 3 of California EV makers if Lucid and Rivian can scale like Tesla has. EV purchases in the US have nearly doubled from a year ago and growth is expected to accelerate. But consumers want more options than just Tesla. Tesla still accounts for the majority of EVs sold in the US, but it’s expected to lose market share in the coming years.