Business

Lucid Motors aims to launch the Tesla Model 3 competitor in 2024 or 2025

Lucid Motors’ first electric car, the luxury Air car, will not go into production now until late 2021 (Reuters photo)

SAN FRANCISCO: Lucid Motors CEO Peter Rawlinson told Reuters on Tuesday that the luxury electric car maker plans to launch a rival Tesla Inc Model 3 model in 2024 or 2025.

The company led by a former Tesla engineer follows the same Tesla strategy, starting with a luxury car to create an aura around the brand and then expanding into the mass market.

This week it announced plans to go public by merging with White Checks, a move that indicated a market capitalization of US $ 56 billion. Before the start of the regular production of the first Lucid Motors model.

Rawlinson said increasing large-scale car production is a huge financial challenge.

“I can’t wait to do that,” he told Reuters, referring to Tesla’s Model 3 competitor, the cheapest sedan. But first, Rawlinson said he would now focus on the larger luxury car, which requires fewer resources.

“Making a smaller car requires more capital, because you need a bigger factory and more automation,” he said.

Experts say it is too late for Lucid to launch the affordable model, with old carmakers such as Volkswagen, Hyundai Motor and Ford offering affordable models for the Tesla Challenge

“There is a question mark over whether there will be a market left for Lucid in four to five years,” said Mel Yu, an auto industry analyst.

Lucid Motors’ first electric vehicle, the luxury Air car, will not go into production now until late 2021, after the initially planned Spring 2021 launch.

Rawlinson said the automaker expects to produce a less expensive, less than $ 70,000, version of the luxury sedan in 2022, followed by an SUV codenamed Project Gravity in 2023.

He said he is interested in developing pickup trucks and commercial vehicles, but they are several years away and may be built with partners.

The world desperately needs 25 thousand dollars. He said Lucid could realistically not do that for another eight years, adding that even Tesla had not released such a model yet.

He also said that six well-known automakers have contacted him over the past month and have expressed an interest in Lucid Motors’ technology. He added that cooperating with another company could lead to a car worth $ 25,000 in the next three to four years.

He also said that it is too early for the company to make its own battery cells at the moment, adding that it has contracts with suppliers LG Chem and Samsung SDI.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button