PIF-backed US car maker Lucid to produce fastest-charging electric vehicle

Saudi Arabia’s Public Investment Fund-backed American electric vehicle producer Lucid Motors has claimed that its upcoming luxury car will be the fastest-charging EV in the market.

The new sedan, Lucid Air, which will be unveiled on September 9, will charge at a speed of more than 32 kilometres per minute, under controlled conditions, the California-based firm said. However, in real-world conditions on the road, a charge of just 20 minutes should cover up to 483 kilometres.

“We designed every aspect of the Lucid Air and its platform in-house to be hyper-efficient, from the powertrain to the aerodynamics … we have set several new benchmarks through these efforts including the longest range EV,” said Eric Bach, vice president of hardware engineering at the company.

Its rapid method of charging is achieved through an ultra-high, 900V+ electrical architecture, lithium-ion battery cells and a highly sophisticated battery and thermal management system, the firm said.

“With our 900V+ electrical architecture and the proprietary Wunderbox, we have significantly increased the speed of energy getting into, around and even out of the vehicle, delivering the world’s fastest charging EV packed with future-ready charging features,” Mr Bach said.

Wunderbox is the company’s onboard charging unit that combines several usually separated functionalities into one housing.

In 2018, the PIF signed agreements worth more than $1 billion (Dh3.67bn) with Lucid Motors to help the car maker launch Lucid Air. The deal was aimed at providing Lucid with the necessary funding to launch its first EV.

Consumers can currently pre-order the vehicle on the company's web site by paying a refundable deposit of $1,000. The company has not disclosed the exact price of the vehicle, but industry analysts said it could sell for more than $70,000.

Vehicles will be produced at Lucid’s new factory in Arizona and delivery will begin in the first quarter of next year.

Lucid Motors' launch could challenge the dominance of Tesla – another PIF-backed company – in the EV market.

Tesla is currently the market leader, selling 370,000 units globally last year, according to McKinsey’s EV index. The car maker had a market share of about 16 per cent last year, up from 12 per cent in 2018.

The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 240hp at 5,500rpm

Torque: 390Nm at 3,000rpm

Transmission: eight-speed auto

Price: from Dh122,745

On sale: now

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UAE currency

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UAE currency: the story behind the money in your pockets

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Benefits of first-time home buyers' scheme

Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates

The specs

Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet

UAE currency: the story behind the money in your pockets

If you go

The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at.
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.

How Islam's view of posthumous transplant surgery changed

Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.

Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.

The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.

One school of thought viewed the removal of organs after death as equally impermissible.

That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.

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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”