Lucid Motors is Getting SUED! Lucid in TROUBLE?! π₯ HURRY! π₯ - CCIV Stock Merger Update
82In this video I talk about the big lawsuit against Lucid Motors aka CCIV, who are currently being sued by the Illinois automobile dealers association. I also talk about Lucid's newly released plans to bring to market a $25,000 EV AND, their worldwide expansion plans.
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The lawsuit was filed by all members of the Illinois automobile dealers association against the Illinois secretary of state, Rivian and Lucid Motors.
The allege that Lucid Motors aka CCIV and Rivian cannot sell their vehicles to the end customer as it goes against the vehicle code. And they should also not be opening showrooms or dealerships in Illinois because, again, they arent licensed to sell new vehicles.
This vehicle code seems to simply protect the motor dealers and allows them to mark up the prices of cars and rip-off the end customer, making sure the dealer gets their nice fat margin.
This is a tough one really, motor dealers employe 40,000 people in Illinois alone, what Lucid and Rivian, and even Tesla are doing, is effectively making the motor dealers redundant, putting hundreds of thousands of jobs across the US at risk.
But, at the same time, its a very dated business model! That revolves around ripping off the end customer by adding profit margin after profit margin.
Tesla actually faced a very similar case a few years ago in the state of michigan and the sale of tesla's were banned. This decision was recently overturned last year as many residents simply moved states or drove to a neighbouring state to buy a tesla.
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