Detroit Free Press

Luxury EV maker to open new office in Southfield, add 262 jobs

- JC Reindl

Electric vehicle startup Lucid Group plans to open a research and developmen­t office in Southfield and create at least 262 new jobs.

The EV maker, headquarte­red in Silicon Valley, has said it intends to open the office by the fourth quarter of this year in one of the Travelers Towers at 26533 Evergreen Road, according to state economic developmen­t officials.

Lucid makes luxury EVs that start at about $70,000 and Southfield would be its second research and developmen­t site, after the company’s headquarte­rs in Newark, California, near San Jose.

Board members of the Michigan Strategic

Fund voted in favor Tuesday of giving Lucid a $6 million performanc­e-based grant, which requires that the 262 jobs be created by June 30, 2027. The positions are expected to be in engineerin­g and pay over $50 an hour.

Lucid employs 27 remote workers in Michigan, primarily in sales positions.

Lucid was started in 2007 under the name Atieva by a former Tesla Motors employee. In 2021 it built its first vehicle, the Lucid Air sedan, which can get over 400 miles in range on a charge and was the MotorTrend Car of the Year at its debut. The company’s second vehicle, the Lucid Gravity SUV, is expected to be available this fall.

“This project is important for Michigan because we know that we are in a global competitio­n for the future of the electrific­ation of the auto industry,” said Joshua Hundt, an executive vice president and senior adviser at the Michigan Economic Developmen­t Corp.

Lucid went public on the NASDAQ stock exchange via a blank-check company, or SPAC, in 2021. In its latest earnings report, the company said it built 8,428 vehicles last year and anticipate­s building 9,000 vehicles this year.

Lucid recently reported a $2.8 billion net loss for 2023 following its $1.3 billion loss in 2022. The company previously trimmed its workforce by laying off 1,300 last March.

According to the Wall Street Journal, the automaker has been raising money from Saudi Arabia’s Public Investment Fund, which has a 60% ownership stake in the company.

The Wall Street Journal reported Lucid has enough cash to last through 2025.

Lucid has manufactur­ing facilities in Arizona and Saudi Arabia.

 ?? MARK PHELAN/DETROIT FREE PRESS FILE ?? Lucid recently reported a $2.8 billion net loss for 2023 following its $1.3 billion loss in 2022.
MARK PHELAN/DETROIT FREE PRESS FILE Lucid recently reported a $2.8 billion net loss for 2023 following its $1.3 billion loss in 2022.

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