One of the automakers, Lucid Group Inc. (LCID, Financial) is engaging in discussions with several other auto brands to expand its presence in the electric vehicle (EV) market. CEO Peter Rawlinson told Bloomberg TV in an interview that this is part of cost sharing and taking advantage of intellectual property to combine with traditional automotive manufacturers to reap the strategic benefits.
Rawlinson said there were also talks with a couple of manufacturers, but that it could also assist other vehicle manufacturers in their sustainability goals in return for gaining the benefits of economies of scale through shared components and technology.
California-based EV maker Lucid has also started production on its second model, the Lucid Gravity SUV. Lucid is one of the few pure-play EV companies in the U.S., but while this remains true, its production volumes trail far behind industry leader Tesla Inc.
Lucid has previously said it would be open to partnerships and this year signed a contract to provide EV components to British automaker Aston Martin. This came after Aston Martin announced it would postpone its first EV to 2026 after insufficient customer interest.
This feels like a nod to broader industry patterns, as rivals such as Rivian Automotive Inc. recently collaborated with Volkswagen AG in a project worth up to $5.8 billion to jointly develop EV technology.
Lucid's strategic talks reflect the tight competition and cooperation that are defining the EV sector, where automakers are juggling costs and tech to stay ahead.
