Electric-Car Startup Lucid To Follow Tesla Into Energy Storage

Lucid Motors Inc., the electric-vehicle startup that has yet to build a production car, is following Tesla Inc.’s footsteps into the energy-storage business. His comments came ahead of the unveiling Wednesday of the production version of Lucid’s Air electric sedan, which the company says has an EPA estimated range of 517 miles and claims is the fastest-charging EV ever. Lucid has an agreement with LG Chem Ltd. for the cells in its battery packs. The fund – which invested more than $1 billion in Lucid in 2018, giving it a much-needed injection of cash and credibility – declined to comment when asked about any energy-storage discussions. Lucid has catching up to do in both EVs and energy storage. The timing of Lucid’s move into energy storage is odd because the company has yet to start production on its EV, according to James Frith, a BloombergNEF analyst and head of energy storage. Lucid is aiming to begin assembly of the cars, and the battery packs that will power them, by year-end at a plant under construction in Casa Grande, Arizona.