OFFICIAL: LUCID'S TESLA MODEL Y RIVAL WILL ENTER PRODUCTION IN 2026
- Lucid Motors teased a new electric midsize SUV that will enter production in 2026.
- The newcomer will be priced under $50,000, targeting mainstream customers.
- Unnamed crossover will be highly efficient and a "game changer" for the segment.
Lucid Motors shared its Q1 2024 financial results this week and teased a new electric crossover that will arrive in 2026. Poised to fight the Tesla Model Y, the new model will be the company's cheapest offering yet, undercutting the Air and upcoming Gravity by thousands of dollars.
While the Lucid Air competes with the Tesla Model S – and the Gravity will take on the Model X – the upcoming midsize model will lure more mainstream customers in, especially if Lucid can get the pricing right. The company describes the vehicle as a "high-volume midsize" vehicle, which suggests that Lucid will chase volume sales with this variant.
2024 Lucid Air
New Midsize SUV Will Cost Less Than $50,000
CEO Peter Rawlinson said we can expect a starting price of around $48,000 when it arrives. That's not exactly cheap, but it’s nearly $22,000 less than the current cheapest Air.
"Following the Gravity SUV program, we see another step change in the total addressable market expansion, without midsize vehicles, which is scheduled for start of production in late 2026."
- Peter Rawlinson, Lucid Motors CEO
The CEO says he is confident that Lucid can achieve "unrivaled levels of efficiency" for this hugely popular class.
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Speaking about the efficiency of the upcoming midsize vehicle, Rawlinson hinted at efficiency being the key to smaller batteries. With no need for bulky battery packs, weight and cost can be minimized, reducing costs for consumers and the need for natural resources. "I can't wait to show you our midsized game changer," concluded the CEO. While that doesn't give us much to work with, we can expect a highly efficient electric SUV priced under $50,000. You can listen to the entire earnings call here.
Larger Gravity SUV Entering Production In Late 2024
The CEO also added that production of the larger Gravity is set to kick off in late 2024. As a reminder, the company's first SUV will have a starting price of around $80,000, space for seven passengers, and an estimated range of 440 miles. That's remarkable for a large SUV; the Model X can only go 335 miles between trips to the charging station.
Rivian And Lucid Have Different Plans For 2024 But The Same Goals
As electric vehicle adoption cools, how are America's premium electric automakers coping?Looking at the company's latest sales figures, Lucid produced 1,728 vehicles in Q1 2024 and is on track to manufacture approximately 9,000 vehicles this year. The automaker delivered 1,967 cars in the first quarter, which represents a 39.9% improvement over the same period in 2023. Overall, revenue for Q1 tallied $172.7 million. While that's higher than the $150.1 million the company made in Q1 2023, the loss per share of $0.30 was higher than initial estimates of $0.25, reports Bloomberg.