Lucid to build $10 million research center in Southfield

Electric vehicle (EV) maker Lucid is now looking to make a $10 million engineering and research center in Southfield, Michigan revealed a media report.

Sources told DetroitNews that the company is preparing to reach Michigan Economic Development Corp.’s Strategic Fund Board on Feb. 27 for a potential $6 million performance-based grant request.

This news comes amid the company’s missing expectations and recently reported its Q4 2023 Earning Call with $653.8 million in net loss. It was higher than both the previous quarter at $472.6 million and Q4 2022 at $257.71 million.

The revenue was also down to $157.2 million from $257.71 million in Q4 2022. Within the earning call, the company revealed 1,734 vehicle deliveries for the fourth quarter and 6,001 throughout the year.

Facility Details:

The new planned facility could create more than 250 jobs at the Travelers Towers on Evergreen Road. The company already has 25 remote employees in Michigan and it is based in Newark California.

The new research center could also open a gateway for more advancements in electric vehicle technologies but it comes at a time when the EV demand is facing severe challenges.