Ford Not Interested In Takeover Of Lucid Motors
Ford says it’s not interested in a takeover of Lucid Motors at this stage of the game.
Raising enough funds to build a factory isn’t easy and Lucid Motors is finding that out the hard way now.
Lucid Motors chief technology officer Peter Rawlinson previously commented:
“We don’t have the money in place. That’s why we need to secure Series D. It would be irresponsible to start moving earth or start anything until we have a financial runway to execute that professionally and with absolute integrity.”
It appears as though Lucid was trying to go at it a different way. Rather than raise funds, Lucid apparently reached out to Ford to see if the two automakers could ink out a takeover deal. Lucid reportedly talked to some high-level execs at Ford, but the takeover of Lucid was turned down.
Lucid is now exploring some other options, which include a new round of financing or an outright sale to an interested party. Bloomberg reports:
“Electric carmaker Lucid Motors Inc. is raising a new round of financing and is also considering an outright sale after holding early-stage takeover talks with Ford Motor Co., according to people familiar with the situation.”
“The Menlo Park, California-based firm has hired Morgan Stanley to help raise more money to pay for further development of its vehicle and a new manufacturing plant in Arizona…”
Officially, neither Lucid nor Ford were willing to comment on the situation. Karen Hampton, a Ford spokeswoman, did offer this response:
“We don’t comment on speculation.”
Bloomberg’s sources indicate that Ford may still be interested in Lucid, but not at this point in time.