American electric automaker Lucid reiterated plans to launch a new model with a price point of “about $50,000” to directly compete with Tesla’s popular Model 3 sedan and Y crossover. Excitingly, it reportedly told the world’s oldest car magazine, Autocar, that it is already developing the model.
Therefore, we may see the launch of the new Lucid EV sooner than the expected “mid- to late decade” timeline.
Lucid’s target
EV-a2z reported last September Lucid’s plans to launch a $50,000 electric vehicle model to challenge the Tesla Model 3 and Y in North America by the mid-to-late decade.
Lucid Chief Executive Peter Rawlinson stated at that time that the automaker is aiming to launch the new model “right in the heart of the Tesla Model 3, Model Y territory.”
The Lucid boss noted that the $50,000 price target is just the beginning for the company to achieve the $25,000 point.
Progress
CEO Peter Rawlinson told the UK-based publication that Lucid had already reached the development phase of the planned Tesla-rivalling model.
He also clarified the timeline he previously announced.
“I’ve formally stated mid-late decade, and that has been completely misquoted as the end of the decade – 2030. What I mean is ‘not 2025’. It’s a few years away, but it’s close. It takes three and a half years to do a car, and we’ve started… and that wasn’t yesterday.”
Lucid Chief Executive Peter Rawlinson
It is worth noting that CEO Rawlinson led the Tesla Model S development before he ran Lucid. Considering his significant insights about the world’s top-selling vehicle, he seems to be well capable of directly aiming at “Tesla’s sweet spot.”
“The mid-sized [line] is going to be overtly a Tesla competitor – Model 3, Model Y. This is the first time I’ve ever said it: we’re going to compete in that market – high-volume family car.”
Lucid Chief Executive Peter Rawlinson
CEO Rawlinson also claims that the upcoming Lucid EV can strongly compete in the highly competitive market due to its “most advanced technology, which means [it] can go farther with less battery.”
Weak 2023 performance
Lucid undoubtedly had a rough year, considering its production ramp-up and delivery struggles. According to Electrek, Lucid’s EV deliveries dropped to 1,456 in Q3 2023 from its record of 1,932 in Q4 2022.
Lucid’s production also declined by 50% to 1,550 units in the third quarter from its record high of nearly 3,500 units in Q4 2022.
In effect, the American automaker reduced its 2023 production guidance by over 40% to 8,000 – 8,500 units from its 14,000-unit target in 2022.
Despite Lucid’s goal to compete with the Tesla Model 3 and Y, CEO Rawlinson clarified that it is not aiming to replace them with a lower-cost model. He noted that there is a large market for great EV models, which can potentially encourage more people to “ditch their gasoline car and move to a Lucid Air because it’s better.”
