Lucid sets focus on a Tesla Model 3 challenger with target price of $50,000

Lucid sets focus on a Tesla Model 3 challenger with target price of $50,000

Newark, California-headquartered American electric vehicle (EV) manufacturer Lucid Motors has set its focus on producing a challenger to the Tesla Model 3 electric sedan, with a target price of $50,000. Lucid CEO Peter Rawlinson revealed that the company’s ambitious plans to introduce a more affordable EV in the coming years is to make its innovative carbon emissions-free technology available to the masses. It may be noted here that Lucid is currently known for producing and selling luxury EVs, such as the Lucid Air, which comes with a starting price tag of $82,400 and soars to a substantial price of $249,000.

Touching on various facets of the existing automotive landscape in a recent interview, CEO Rawlinson emphasized that the initial launch of a high-end EV like the Air sedan was crucial for attracting necessary investments.

The company made headlines in June this year by announcing a fundraising venture that sought $3 billion. A significant share of that funding came from Saudi Arabia-based Public Investment Fund, which became the largest shareholder in the company by acquiring more than 60 per cent of its total shares.

Speaking on the topic, the top executive went on to state that the target price for the forthcoming battery-powered vehicle would be quite affordable as it would target a competitive edge in the fast-growing EV market. The seasoned executive’s vision is to introduce an EV priced at around $50,000. The given target price tag would position it in the realm of electric car pioneer Tesla Inc.'s Model 3 electric sedan and Model Y crossover SUV. However, the entry-level Model 3, with the availability of federal tax credits and state-level incentives, is available for just around $30,000.

It may be noted her that Lucid CEO Rawlinson previously served Tesla as an engineer. He played a major role in designing Tesla’s North American Charging Standard (NACS) plug. However, his expertise extended far beyond designing the NACS plug. Whenever he addressed the pressing issue of long-distance travel in EVs, he always emphasized that a big majority of EV owners rarely go on journeys exceeding 500 miles in a single day. Foreseeing the future of electric mobility, he gave utmost importance on the expansion of Level-2 charging infrastructure, especially in locales like apartment complexes and street parking lots. It may be the reason why Lucid opted not to adopt Tesla’s NACS standard charging plug, setting itself apart from many other major automakers that have already announced intentions to do so.

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