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Lucid betting big on EV success with 3 new, affordable models
Colin Velez
August 22, 2024
Luxury electric vehicle startup Lucid is developing three new, “affordable” models, taking aim at Tesla’s share of the current market.
Driving the news: In an interview with CarBuzz, Derek Jenkins, Senior Vice President of Design at Lucid, shared details of the company’s new “mid-size program.”
As part of the new initiative, Lucid will develop three budget-friendly EVs. According to Jenkins, these will be “younger” and “more athletic” than the brand’s debut entry, the Air sedan.
One of these new models will be an SUV targeting the same demographic as the Model Y. This is separate from the Gravity SUV which is expected to launch in the coming months.
Another will be a sedan, similar to the Model 3. The identity of the third has yet to be confirmed, although Jenkins hinted at the possibility of an off-road style vehicle.
Key quote: “A lot of EVs have been rushed to market with rather mediocre experiences, and I think that’s also affecting the overall perception of the category.”
Zooming out: Lucid is obviously making big bets on the EV market’s future, despite the challenges facing both itself and its competitors in the sector. In an interview with The Verge, company CEO Peter Rawlinson shared why he thinks the brand has a chance where others have failed.
Rawlinson believes the EV market’s current difficulties are “a temporary blip,” created in part due to “underwhelming” entries from industry rivals.
Although other manufacturers are seeing incredible success with hybrids, Rawlinson ultimately thinks this is a mistake. I think any talk of retrenchment into hybrids is a blind alley…Long term, obviously, EV is the future.”
A look ahead: While Rawlison might believe that hybrids aren’t a long-term solution, the industry’s shift away from fully electric drivetrains may ultimately benefit companies like Lucid. If legacy manufacturers continue to prioritize hybrids and put a pause on EV development, that opens up a massive chunk of the market to startups.
Bottom line: Lucid, Rivian and Polestar have lasted longer and made more progress than many believed they would, although their future success depends on the EV market’s quick revival. That being said, it’s a completely different story if competition from legacy automakers continues to disappear at the rate it has been. It will be fascinating to see how this plays out in the coming years.
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