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Published On: Tue, Aug 21st, 2018

The Future of Electric Vehicles

Tesla may be the most famous name in electric vehicles, but it isn’t the only luxury brand name consumers will ever know. The future of electric vehicles may include brands that U.S. consumers have yet to embrace. While vehicle makers like BMW, Chevrolet, Prius, Honda, Fiat, Ford and Hyundai have all come out with their own versions of affordable models of electric vehicles, Tesla has so far dominated the luxury market.

There’s another up and comer waiting to come out of the gate, and it’s a formidable rival to Tesla. For one thing, Saudi Arabia is very interested in investing in this other electric vehicle maker, even though previously Elon Musk stated that the Saudi Arabia wealth fund was in place to finance Musk’s endeavor to take Tesla private.

photo/ Marilyn Murphy

Who is Lucid Motors?

Lucid Motors has generated interested from the Saudi Arabia wealth fund, and talks have already begun. Why would Saudi Arabia want to invest in another electric vehicle (EV) company? For one reason, Saudi Arabia wants to diversity its portfolio. Apparently, EVs are looking like something that is not going away anytime soon.

Lucid Motors is an American manufacturer of EVs, based out of Newark, California. Many of its key employees were previous employees of companies such as Tesla and Mazda. Prior to becoming Lucid Motors, the company was named Atieva, started in 2007, proving that Lucid Motors isn’t as much a newcomer to the party as one might expect.

One of the crowning achievements to Lucid Motor’s arsenal is its coup to design, develop and make the supply batteries for the Formula E 2019 and 2020 racing seasons. That contract will help to generate operating revenue, but if talks with Saudi Arabia go as planned, future financing won’t be an issue.

Consumer Demand for EVs

Consumer demand for electric vehicles isn’t waning, either. The infrastructure for owning and operating EVs is growing exponentially. EV charging stations are appearing at more and more locations across the country, making it easier and more convenient for EV owners to ensure uninterrupted travel for long distances. As far as a home EV charging station, EV owners have access to state of the art equipment that parallels the fine quality of the electric vehicles themselves. Home EV charging station makers have made it even easier to own and operate EVs.

The future of electric vehicles is very promising, and it’s clear that EVs as an investment and as personal property is a wise choice.

 Author: Jacob Maslow

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