Lucid has made a name for itself in the world of EVs with its impressive range, but it’s not exactly known for its affordability. The Lucid Air may top out with a range of 520 miles, but that’s with the most expensive Dream Edition trim that starts at $169,000. Lucid’s second EV, the Gravity luxury SUV, is likely to be around $100,000 as well.
Lucid won’t only produce expensive EVs, though, with the company’s CEO and ex-Tesla exec Peter Rawlinson telling AutoExpress that it wants to get into more affordable electric cars. According to Rawlinson, Lucid wants to make Model 3 and Model Y competitors that would be priced around $48,000 to $50,000.
JUST A PREVIEW
The Lucid CEO didn’t detail much further about his vision for affordable models with AutoExpress, claiming it was “too early to say.” Rawlinson does call out the Model 3 and Model Y by name, but it will be hard for Lucid to compete against Tesla’s most popular models. To offer enough of a selling point for potential buyers and steal business from Tesla, Lucid may have to lean into its range superiority. That’s all depending on if Lucid can offer better ranges at competitive prices, though.
Outside of making EVs, Rawlinson wants to continue licensing out Lucid’s EV technology. The company already struck a deal with Aston Martin where Lucid would provide the tech for the British legacy brand’s electric cars. While these EVs wouldn’t bear the Lucid name, this business model could still help establish Lucid as both a purveyor of EVs and EV technology.
LONG ROAD AHEAD
Lucid has a real shot at challenging Tesla with more affordable models, but it will likely be an uphill battle. The Model 3 and Model Y are best-selling models and Tesla is even looking to refresh its ever-popular Model 3 with a major redesign.
Before dipping into affordable models, Lucid is prioritizing the release of its Gravity SUV that’s going to be priced similarly to the Lucid Air or Tesla’s Model X. The Gravity is expected to hit the market in 2024, so we should get some specs on the luxury SUV soon and potentially some teasers on Lucid’s more affordable models after that.