Can Lucid (LCID) make 1 million EVs a yr? CEO Peter Rawlinson stated that is his imaginative and prescient, and Lucid has bold plans to realize it. After launching its first electrical SUV, the Gravity, Lucid will enter the mass market with its midsize platform beginning at round $50,000. Rawlinson stated that is “lastly after we compete instantly with Tesla,” however the EV maker has even larger plans to drive development.
After delivering the primary Gravity fashions in December, Lucid’s CEO claims the electrical SUV is “destined to be a landmark product” with an EPA-estimated vary of 450 miles.
Through the BloombergNEF Summit in San Francisco final week, Rawlinson defined how the corporate plans to turn into a powerhouse within the EV area.
Though the Gravity is an impressive-looking car, loaded with tech and a real 7-seater (not a 5-seater, plus two youngsters within the again, as Rawlinson stated a lot of its rivals supply), it’s what you possibly can’t see that makes the electrical SUV so distinctive.
The Gravity achieves as much as 450 miles of driving vary with a 123 kWh battery. Rawlinson stated the truth that it will probably obtain such a protracted driving vary with so few batteries is a testomony to Lucid’s expertise, which he claims is the “most superior expertise on the planet.”
Lucid was the primary to launch an EV with 520 miles vary. On the Summit, Rawlinson claimed that “no one immediately is inside 100 miles of vary of the place we had been three years in the past,” referring to its luxurious Air sedan.
Lucid delivered over 10,200 automobiles final yr, up 70% from the 6,001 in 2023 and roughly 3,500 in 2022. Rawlinson stated the corporate is seeing “exponential gross sales development,” however he expects to see issues decide up over the subsequent few years.
Lucid is launching new EVs and tech to spice up development
Following the Gravity, Lucid will launch its midsize platform. The platform will underpin a sedan and crossover, beginning at round $50,000. Based on Rawlinson, that is when Lucid will “compete instantly with Tesla” as direct rivals to the best-selling Mannequin Y and Mannequin 3.
Nevertheless, as Rawlinson defined, “Lucid doesn’t exist to be a distinct segment luxurious producer.” Lucid is within the luxurious area “in the meanwhile” as a result of it must be for monetary assist.
It’s the corporate’s tech that shall be Lucid’s trademark. With a few of the most superior tech in the marketplace, it would “cascade down,” decreasing the associated fee to mass produce EVs.
“We wish Lucid to be large,” Rawlinson stated. By the early 2030s, he envisions Lucid producing a million vehicles yearly.
Lucid plans to realize it by progressive steps. After launching the Air, Lucid’s first electrical SUV is now hitting the market. In late 2026, Lucid is scheduled to start manufacturing of its midsize platform.
Rawlinson believes Lucid may have a big benefit by then. For the reason that battery is by far the largest price to make an EV, with a few of the best expertise, Lucid will have the ability to supply a aggressive vary at a lower cost level.
Not solely that, however Lucid can also be creating a brand new reasonably priced “Atlas” drive unit. Rawlinson claimed the brand new drive unit shall be “an absolute breakthrough” for Lucid and the planet to deliver down EV prices.
The corporate is already licensing its expertise to different automakers, which may very well be a good larger enterprise for Lucid than promoting automobiles.
Final yr, Lucid secured a tech partnership with Aston Martin to provide its proprietary powertrain tech for the British automaker’s upcoming electrical vehicles.
Rawlinson stated Lucid is in talks with a number of others about related licensing partnerships. Based on Lucid’s CEO, EV adoption will proceed to climb over the subsequent few years, and a few OEMs shall be left behind. “The practice is leaving the station,” he stated, and that’s why Lucid is open to strategic alliances by licensing its expertise.
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