Lucid Motors’ (LCID) CFO confirmed its upcoming midsize vehicles will be priced at “the heart of the market,” starting at around $50,000.
When is Lucid launching its $50,000 midsize EVs?
While Lucid is ramping up output of its first SUV, the Gravity, the luxury EV maker has much bigger plans in the works.
Speaking at a fireside chat at the UBS Global Industrials and Transportation Conference on Wednesday, Lucid’s CFO, Taoufiq Boussaid, offered a few updates on the company’s midsize platform.
The platform will underpin “three different cars with three different top hats,” Boussaid said. This is the first time Lucid will build on the back of a platform, which will cut costs while making it easier to scale, the company’s CFO explained.
Although the midsize models are aimed at a different market, Boussaid said they will “remain a premium product because that’s the DNA of the company.”
How much will they cost? According to Lucid’s CFO, the midsize EV will be positioned in what it calls “the heart of the market,” around $50,000.
The comments reflect former CEO Peter Rawlinson, who said in 2023 that Lucid was targeting a price of around $50,000 for its midsize models, adding that it’s “right in the heart of Tesla Model 3, Model Y territory.”
Lucid’s midsize EVs will be more accessible, but the biggest challenge is “how to bring something equivalent in terms of touch and feel to the Air and Gravity,” but at a lower price point, Boussaid explained.
The first vehicle based on the platform will be a midsize crossover SUV, followed by a more rugged version that will take influence from the Gravity X Concept. Although the third is yet to be confirmed, rumors suggest it could be a midsize sedan that could rival the Tesla Model 3.
Lucid will initially begin building the midsize platform in Saudi Arabia, starting toward the end of 2026 or 2027. In 2029, it plans to ramp up to full capacity.
In the meantime, Lucid is focused on meeting demand for the Gravity SUV. Despite most automakers, including Ford, Hyundai, and Honda, reporting significantly fewer EV sales in November following the loss of the $7,500 tax credit, Lucid’s CFO said it has seen “a constant and very pleasing improvement in terms of market share.”
Boussaid suggested that Lucid was “seeing very encouraging signs” in terms of more foot traffic and test drives, adding, “Q4 might be a good quarter for us.”
Despite the US policy changes, Lucid still expects quarter-over-quarter growth, with Gravity accounting for the majority of production and sales.
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