Lucid Group has announced plans to establish a research and development office in Southfield, creating at least 262 new jobs.
The Silicon Valley-based EV manufacturer intends to open the office by the fourth quarter of this year at one of the Travelers Towers at 26533 Evergreen Road, as per state economic development officials. Lucid’s luxury EVs start at approximately $70,000, and the Southfield location will be its second research and development site, following its headquarters in Newark, California.
The Michigan Strategic Fund board members approved a $6 million performance-based grant for Lucid on Tuesday, contingent on the creation of 262 jobs by June 30, 2027. These positions are anticipated to be in engineering, with an hourly wage exceeding $50. Currently, Lucid employs 27 remote workers in Michigan, primarily in sales roles.
Lucid was established in 2007 under the name Atieva by a former Tesla Motors employee. In 2021, it produced its first vehicle, the Lucid Air sedan, which boasts a range of over 400 miles on a single charge and was named 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.
In 2021, Lucid went public on the NASDAQ stock exchange via a blank-check company, or SPAC. According to its latest earnings report, the company manufactured 8,428 vehicles last year and plans to produce 9,000 vehicles this year. However, Lucid reported a net loss of $2.8 billion for 2023, following a $1.3 billion loss in 2022, and reduced its workforce by 1,300 in March of last year. The Wall Street Journal has reported that Lucid has been raising funds from Saudi Arabia’s Public Investment Fund, which holds a 60% ownership stake in the company, and currently has enough cash to last through 2025. Lucid operates manufacturing facilities in Arizona and Saudi Arabia.
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