Can Lucid (LCID) make 1 million EVs a yr? CEO Peter Rawlinson stated that is his imaginative and prescient, and Lucid has formidable 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 once we compete immediately with Tesla,” however the EV maker has even greater 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 grow to be 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 children within the again, as Rawlinson stated lots of its rivals provide), it’s what you’ll be able to’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 may possibly obtain such an extended driving vary with so few batteries is a testomony to Lucid’s expertise, which he claims is the “most superior expertise on the earth.”
Lucid was the primary to launch an EV with 520 miles vary. On the Summit, Rawlinson claimed that “no person in the present day is inside 100 miles of vary of the place we have 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 following 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. In line with Rawlinson, that is when Lucid will “compete immediately 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 can be Lucid’s trademark. With among the most superior tech available on the market, it is going to “cascade down,” lowering the fee to mass produce EVs.
“We would like Lucid to be large,” Rawlinson stated. By the early 2030s, he envisions Lucid producing a million automobiles 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 major benefit by then. Because the battery is by far the most important value to make an EV, with among the most effective expertise, Lucid will have the ability to provide a aggressive vary at a lower cost level.
Not solely that, however Lucid can be creating a brand new reasonably priced “Atlas” drive unit. Rawlinson claimed the brand new drive unit can be “an absolute breakthrough” for Lucid and the planet to carry down EV prices.
The corporate is already licensing its expertise to different automakers, which could possibly be an excellent greater 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 automobiles.
Rawlinson stated Lucid is in talks with a number of others about related licensing partnerships. In line with Lucid’s CEO, EV adoption will proceed to climb over the following few years, and a few OEMs can be left behind. “The prepare is leaving the station,” he stated, and that’s why Lucid is open to strategic alliances by licensing its expertise.
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