Cook

Lucid Wants to Take on Tesla Model 3, Model Y With Future Models

14 1 minute read

After breaking through the EV market with the Air luxury sedan in 2021 and making a name for itself by offering extremely efficient motors and unbeatable range, Lucid is envisioning new models that would directly take on the hugely popular Tesla Model 3 and Model Y.

That’s what CEO Peter Rawlinson told British website Auto Express in an interview. Don’t hold your breath, though: we won’t see them until a few years.

First, the company headquartered in Newark, California must work on its financial situation and deliver its phenomenal, 1,200-horsepower Air Sapphire (0-100 km/h in less than two seconds) to performance-obsessed customers.

Let’s not forget the launch of Lucid’s first SUV, the Gravity, which was teased late last year. An official debut is expected to take place by the end of 2023, with the first units rolling out sometime in 2024. Development is still ongoing, and camouflaged prototypes are currently being tested on US roads.

Back to the Model 3 and Model Y competitors, Rawlinson hinted at a price of around $50,000 USD ($66,000 CAD). For the record, the Air starts at $87,400 in the US and $121,500 north of the border.

The CEO believes these future entry-level models will have a bigger impact on the market even with smaller batteries.

“The electric car of the future only needs 250 miles (400 km),” he explained, referring to the expansion of charging infrastructure. “We don’t need 500-mile (800-km) cars in the future, 10 years from now.”

Could Lucid someday offer even cheaper products? Forget it. However, Rawlinson opened the door to selling Lucid’s breakthrough technology, including motors and batteries, to other automakers looking to build EVs at a low price.

Or at a high price. Aston Martin recently signed an agreement with Lucid to help make the British brand’s high-performance luxury EVs in the second half of the decade. The deal includes cash and shares worth about $232 million USD ($305 million CAD), and will also make Lucid a minority shareholder with a stake of about 3.7 percent.