Lucid Motors has just announced an ambitious target of selling 1 million units per year as it seeks to claim a significant market share, CarBuzz reported, citing a recent interview with the EV startup’s CEO on the sidelines of the 2024 Goodwood Festival of Speed.
Lucid CEO sets ambitious goal
Lucid Chief Executive Peter Rawlinson reiterated his strong belief in the company’s potential to succeed in the luxury electric vehicle market, which Tesla currently dominates.
The Lucid boss has also outlined what he thinks other automakers are doing wrong in their electrification efforts.
As part of Lucid’s EV strategy, it aims to hit annual electric vehicle sales of 1 million units in the near future.
“Do not think of Lucid as a niche luxury car company. We’re gonna be huge. I want us to sell a million units a year and have a much bigger impact than that.”
Lucid Chief Executive Peter Rawlinson
Lucid’s lineup
Lucid’s electric vehicle lineup currently only includes the Air luxury sedan. The most affordable variant, Air Pure, still costs a whopping $69,900.
Pricing-wise, this model is not accessible enough to make the aspiring Tesla rival a dominant player in the rapidly growing market.
In this sense, the company is now developing a $48,000 midsize model dubbed “Lucid Earth.” It is reportedly set to hit production in 2026, finally offering customers the most affordable option in the brand’s lineup.
Lucid has also just announced that it has finally started the pre-production of the highly awaited Lucid Gravity electric SUV in Arizona on Tuesday.
Visionary strategy
Lucid CEO Rawlinson acknowledged that electric cars are really expensive to produce, primarily due to the battery pack that accounts for “over 40% of the cost.”
In fact, the battery alone can cost ten times more than a regular gas engine.
While other automakers are trying to cut costs by making big car parts in one piece through Tesla-pioneered gigacastings, Lucid CEO Rawlinson thinks this approach is insufficient. Instead, he focuses on making the battery cheaper because he believes it can deliver the biggest savings possible.
“I’m going for the jugular: the battery pack cost.”
Lucid Chief Executive Peter Rawlinson
Lucid also leverages an industry-leading 900-volt architecture, enabling it to enable extremely fast charging speeds and sip electrons more frugally than other rivals.
These efforts enable Lucid to make significant strides in the EV space, with the 2025 Lucid Air Pure becoming the world’s most efficient car ever made. In addition, the American EV startup achieved record delivery in the second quarter while other automakers suffered from declines.
