Lucid Motors, renowned for its premium electric vehicles, is now steering towards a new horizon with a planned $50,000 electric car. This move positions the California-based company as a direct competitor to Tesla, especially targeting the mid-sized EV market dominated by Tesla’s Model 3 and Model Y.
Lucid also used to be a battery company, and they are banking on that
The transition from luxury to more affordable models is a common trajectory for budding car companies. Lucid, initially focusing on high-end EVs like the $80,000 Air sedan and the $249,000 Air Sapphire, is now eyeing the more populous segment of everyday family cars. This shift is significant, considering the company’s CEO, Peter Rawlinson’s announcement about competing in the high-volume family car market.
One of Lucid’s potential advantages in this new venture is its expertise in battery technology. Formerly a battery company, Lucid could leverage this knowledge to offer superior range in its upcoming models. This is crucial, as range remains a key deciding factor for many EV buyers.
Moreover, Lucid’s journey to more affordable EVs could benefit from lessons learned by Tesla, particularly in quality control. Early Tesla models, like the Model 3 and Model Y, faced criticisms over minor quality issues. Lucid has the opportunity to ensure these issues are addressed in their models, thereby setting a new standard in EV build quality right from the start.
However, challenges remain. Lucid’s venture into this competitive market segment will not be easy, given the established presence of Tesla and other automakers. The company will need to balance affordability with quality and range to truly stand out.
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(Via)
