Thad Small is co-founder and CEO of Lucid, a new company that’s trying to raise money by promising investors something Tesla hasn’t done: electric cars that can charge quickly…
“We really change the game in the electric vehicle business by building the best EV and most durable EV for the consumer,” Small said.
While Tesla currently does all the work on charging and service, Lucid is building its own fast-charging stations that Small hopes will make his company a major player in this fast-growing market.
“We have a system designed to generate 2,000 miles of range in under an hour and to let the user always know how much battery is left,” he said.
Tesla doesn’t expect to hit a 2,000 mile range for most of its new EV customers for another few years.
Small says a Tesla will take over an hour to charge up.
Currently, the closest fast-charging stations are in the East, such as in Washington, D.C., Philadelphia, New York and Chicago. They won’t be convenient for anyone on the West Coast, where Tesla doesn’t have a permanent station.
Lucid’s 350-mile range would also make Tesla’s newest range (275 miles) look weak.
Lucid’s chief technology officer Andrew Marchuk told Fox Business he’s confident the company can make the company into a formidable competitor for the big players: General Motors, Ford and Toyota.
Small said his goal is to create the better car for the cost of a new Tesla, which already is the most expensive in the industry.
Lucid also plans to develop its own powertrain, a key step in electric vehicles. Small acknowledged the more expensive it will be, but he said the system has been proven on plug-in hybrids, small combustion engines and battery-powered sports cars.
Lucid’s latest plan is to raise $500 million through a new stock offering. Small says the timing is right for the future, as the market takes notice and grows the electric vehicle market.