Chinese electric automakers continue to intensify their strategies to challenge American pioneer Tesla. However, one of its American rivals thinks Chinese challengers are still years away from surpassing the Musk-led company in one aspect: technology.
Lucid CEO acknowledges Chinese rivals’ to catch up
Lucid Chief Executive Peter Rawlinson asserted during the recent Financial Times Future of the Car Summit in London that despite Chinese electric automakers’ remarkable success, they remain behind Tesla regarding technological innovations.
“If you look at the advance in core EV technology, they’re still years and years behind Tesla.”
Peter Rawlinson, Lucid CEO
CEO Rawlinson acknowledged Chinese EVs’ “immeasurable” advancement in recent years, even overthrowing some of their Western competitors when it comes to fit and finish quality. However, the former Tesla engineer claims that Chinese brands have yet to step up their engineering.
“In terms of the elegance of their drive train technology, the batteries, the way things are integrated … it’s not even close. I was looking at a number of the units on display at the Geneva Motor Show and the engineering was very disappointing.”
Peter Rawlinson, Lucid CEO
Despite these remarks, the Lucid boss warned against underestimating Chinese electric automakers as they apparently have fast learning capabilities.
“We underestimated the Chinese ability to make good cars. They’re shockingly good. They’re a lot better than they’ve been. They’re just not quite there yet.”
Peter Rawlinson, Lucid CEO
Chinese EVs could disrupt North American and European markets
The surge of low-cost Chinese EVs has become an increasing concern in North America and Europe, prompting local brands to raise extensive plans to curb them.
Renault Chief Executive Luca de Meo previously sent out a 19-page open letter to Europe, including his proposal to protect the local industry against cheap China-made EVs.
BYD remains the largest threat to many players in the two key regions, considering its growing sales figures every quarter. Its diverse vehicle portfolio, which consists of battery-electric vehicles and plug-in hybrids, continues to attract global customers.
BYD Europe recently announced plans to overthrow Tesla and other local players in the European market.
“We are confident that we could be in the leading position. We are moving to the next stage to decide on a huge investment in the EU.”
BYD Europe CEO, Michael Shu
Lucid’s advantage
Like most Chinese electric automakers, Lucid also seeks to catch up to or even beat Tesla.
However, unlike many Tesla challengers, it has sufficient funding to eliminate bankruptcy from its list of concerns thanks to the Saudi Public Investment Fund’s backing.
Lucid recently announced price cuts for the cheapest variant of its electric sedan, making Air Pure more competitive in the market. The company is also currently preparing to introduce its inaugural electric SUV, Gravity.
Recent reports also suggested that Lucid is developing a midsize rival for the Tesla Model 3/Y priced below $50,000.”
