Lucid’s (LCID) reply to the Tesla Mannequin Y, Mannequin 3 might come earlier than anticipated

An inexpensive Lucid (LCID) electrical automotive? Lucid has already began creating its high-volume EV lineup, poised to rival the Tesla Mannequin Y and Mannequin 3.

Lucid CEO Peter Rawlinson revealed that the corporate was aiming to launch an EV priced round $50,000. Or, in Rawlinson’s phrases, “Proper within the coronary heart of Tesla Mannequin 3, Mannequin Y territory.”

Rawlinson defined in September, “I’m not right here to construct an costly automotive that solely wealthy folks can afford.”

Lucid began with premium merchandise, just like the Air sedan and Gravity SUV, as a result of it was the one method the enterprise would work financially.

Each the Lucid Air and Gravity have beginning costs round $80,000. Though Rawlinson mentioned Lucid goals to launch the inexpensive EV by the mid-to-late decade, many have misquoted it as 2030.

Rawlinson clarified to Autocar that Lucid is already creating the Tesla-rivalling EV. He mentioned, “I’ve formally said mid-late decade, and that has been utterly misquoted as the tip of the last decade – 2030.”

Lucid CEO confirms inexpensive EV coming to rival Tesla

Lucid’s chief defined, “What I imply is ‘not 2025’. It’s just a few years away, but it surely’s shut,” including, “It takes three and a half years to do a automotive, and we’ve began… and that wasn’t yesterday.”

Earlier than Lucid, Rawlinson led the event of the Tesla Mannequin S. He confirmed the brand new fashions can be aimed straight at Tesla’s candy spot.

The mid-sized [line] goes to be overtly a Tesla competitor – Mannequin 3, Mannequin Y. That is the primary time I’ve ever mentioned it: we’re going to compete in that market – high-volume household automotive.

Rawlinson assured the brand new EV line can be aggressive as a result of the automaker has “essentially the most superior expertise, which suggests [it] can go farther with much less battery.”

Extra importantly, he added, “When you can go a sure distance with much less battery, you can also make that automotive extra cheaply than anybody else.”

Lucid’s Air electrical sedan is likely one of the longest-range EVs, with as much as 516 miles, on account of Lucid’s in-house powertrain parts, battery chemistry, and design.

The EV maker signed right into a strategic tech partnership with Aston Martin in June to assist construct electrical efficiency vehicles. Lucid will provide its high-performance twin-motor unit, battery tech, and Wunderbox charging system.

Electrek’s Take

Lucid has struggled to ramp manufacturing and deliveries this yr. Deliveries slipped from a peak of 1,932 in This autumn 2022 to only 1,456 within the third quarter.

Output can be down. Lucid produced 1,550 automobiles in Q3, down 50% from its peak of virtually 3,500 in This autumn final yr.

In consequence, Lucid lower its 2023 manufacturing goal to eight,000 – 8,500 automobiles. That’s greater than 40% lower than its higher-end goal (14,000) from final yr.

The corporate hopes its new Gravity SUV might help spark life into the model. With present costs upwards of $80,000, an inexpensive EV might assist Lucid broaden into new markets.

Fellow EV startup Rivian (RIVN) can be planning to launch cheaper electrical fashions. Rivian discovered a companion to construct its huge $5 billion mega plant in Georgia. The ability can be house to Rivian’s R2 automobiles. Beginning costs are anticipated round $40,000 – $50,000.

Lucid is just not seeking to substitute the Tesla Mannequin Y, Mannequin 3, or Mannequin S with a lower-priced EV. Rawlinson beforehand mentioned there’s a marketplace for nice electrical vehicles. “The extra individuals who get behind the wheel in our vehicles will ditch their gasoline automotive and transfer to a Lucid Air as a result of it’s higher.”