Electric vehicle sensation Lucid Motors has set the market alight this week with a US$24 billion blank-cheque deal to list in New York, but it has also sparked concerns among some investors of a short circuit in the valuation of electric vehicle makers.
“We’re bringing the world’s best technology to the market this year, here in the US. I think the valuation is a reflection of our technology,“ chief executive officer Peter Rawlinson told CNBC on Tuesday when asked whether Lucid’s valuation made him nervous. “We think Tesla has been valued for teleportation, so the correction is probably a very healthy thing. This allows investors to watch for potential entry points in names they feel they might have missed,“ he added.
However, Lucid's five-year timeline to get to production of 251,000 vehicles a year is a reminder of the challenges of scaling up mass production in the auto industry. Lucid has said it is on track to start production and deliveries in North America in the second half of this year with Lucid Air, its first luxury sedan. It had previously said it planned to start its deliveries in spring of 2021.
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