Lucid And Genesis Near Deal For Electric Powertrain Collaboration

By teaming up with Lucid Motors, Genesis hopes to further its aspirations for electric vehicles. A production version of the Concept X convertible and other future Genesis vehicles will include Lucid's electric motor technology, according to this agreement. This partnership would be a huge step forward for both businesses if it were to go through.

Lucid would possibly reach a wider audience with its innovative electric powertrains, and Genesis would have access to state-of-the-art electric powertrains. A source told South Korean news outlet SisaJournal that Lucid executives and Hyundai Motor Group Chief Creative Officer Luc Donckerwolke were among those who met with Hyundai Motor President Jang Jae-hoon.

Reports indicate that he also informed Chairman Chung Eui-sun about the work trip. An forthcoming Genesis convertible based on the X Concept will reportedly use Lucid's motors, according to the source. The two firms are reportedly nearing the conclusion of an agreement.

Because of the poor margins in the sports vehicle market, companies like BMW, Toyota, and Subaru often work together in this area to reduce their overhead expenses.

Because of this, the Genesis-Lucid rumor has more weight. Incredibly compact and powerful, Lucid's powertrains are the envy of the industry. Brands looking to quickly expand their presence in the electric vehicle sector should pay attention to this combination and consider collaborating with it.

So far, Lucid has previously collaborated with Aston Martin to provide drivetrain components, so this isn't completely new. Lucid may also benefit, as it has the potential to be a significant revenue generator.

While Hyundai and Kia have made outstanding strides, Genesis is still fighting for recognition in the premium market. Even Tesla and others could feel unsettled if these other Korean companies establish ties with Lucid.