Lucid Aims To Launch $50,000 EV Before The End Of This Decade

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Lucid chief executive Peter Rawlinson has revealed that it is his goal to launch an EV in the $50,000 range that will compete with the likes of the Tesla Model 3 and Tesla Model Y.

The car manufacturer currently sells and produces just a single model, the Air sedan, and later this year, will unveil its second model, the Gravity SUV. While impressive, both of these vehicles are out of the price range of most buyers and while speaking with ABC News recently, Rawlinson said the carmaker had to first launch high-end models before it can turn its attention to more affordable offerings.

“We had to start with a high-end product, that’s the only way I could make [the company] work commercially, the only way I could make the business work financially to attract investment,” Rawlinson stated. “But the technology we’re able to develop today – and the future technology – that is the key to unlocking greater efficiency. I would love to be able to license our technology that others can manufacture at scale.”

Read: Lucid Boss Has Concerns About Tesla’s Charging Plug Becoming The New Standard

“We are targeting a price – and don’t hold me to this – around $50,000. That’s the vision. Right in the heart of Tesla Model 3, Model Y territory,” he told ABC. “I wish I could go to a lower-price car but it’s the best this company can do in this mid- to late decade time frame. What the world needs of course is the $25,000 electric car. I think that can come as a consequence of the technology we’re developing today. And we’re doing that with a sense of utmost urgency.”

During the interview, Rawlinson also spoke at length about the range of EVs and current charging infrastructure. He believes that more investment needs to be made into slow, overnight charging for EV owners as opposed to solely investing in high-speed public charging. He says that overnight charging “puts less strain on the grid in the U.S,” adding that having power stations cranking “up and down in a 24-hour cycle” to support high-speed public charging is very bad for the environment.

Interestingly, Lucid’s boss doesn’t believe that building EVs with high driving ranges is the future. Instead, he believes that future EVs could have battery packs of around 25 kWh with 150 miles (242 km) of range. That would be more than enough for most buyers and work well once the public charging infrastructure has matured.

“You need to adopt a top-and-go mentality with EVs,” he said. “Get a cup of coffee, use the restroom, plug in for eight minutes, top and go. The car’s battery is not like a nickel-cadmium battery where topping off is bad.”