The billionaire founder of Tesla and SpaceX tweeted earlier this year that he would invest money in a company from Lucid Motors. Mr. Musk has since taken the Palo Alto, Calif., automaker private for $2.6 billion, largely because he could not abide the idea of maintaining a controlling stake in a public company.
But with the transaction being tied up in regulatory review, he has yet to enjoy any of the fruits of his Tesla investment. “I personally want to make money on this,” he told Fortune earlier this year.
In a move that could spur some of his automotive colleagues to move on from their car-centric corporate identities, Lucid Motors’ CEO, Chencho Huang, unveiled a new hypercar concept car this week.
The Model Lucid One could be the start of a group redefining the luxury car market. BMW is expected to unveil a new all-electric model in 2021 that looks to rival the Tesla Model 3. Some other automakers are beginning to do the same. Audi and Jaguar Land Rover announced this week that they will begin offering luxury electric vehicles within a couple of years.
All this after decades of stagnation. Car companies have not reinvented the wheel since the heyday of the Model T in the early 1900s.
Mr. Huang, 36, who has played on the violin since he was a child, has worked for decades as an engineer to develop various technologies that power microprocessors. Although his work led to a big payday when Intel bought off his company, it has not been enough to put food on the table.