Lucid Motors is reportedly working on a new model with a targeted starting price of $50,000 that will slot in beneath the Air sedan and Gravity SUV.

If you want an electric vehicle with the highest possible range, the 2023 Lucid Air is king, with a range of up to 520 miles on a charge. However, it's not what we'd call cheap. Lucid recently revealed a new trim level called the Air Pure, with the lowest starting price ($87,400) of any model in the company's current lineup. This version packs a dual electric motor setup producing 480 horsepower (a single-motor, RWD version will arrive later) and a 410-mile estimated driving range.

Automotive News reports that Lucid is working on its next-generation EV platform to underpin more mainstream, affordable EVs. A smaller sedan positioned below the Air could arrive as early as 2025 to rival the Tesla Model 3.

The brand may already have slyly teased the possibility before, as in a video from the automaker, two models were covered beneath black covers, one being the Gravity and another appearing to be a smaller model with a trimmed roofline compared to the Air stood alongside it.

Not much is known about this future sedan, which will be the third model in Lucid's lineup after the Air and the upcoming Gravity SUV. Rumors suggest the entry-level Lucid would halve the Air's battery capacity (with around 45-60 kWh), effectively cutting the range by 50%. This would theoretically give it a driving range of anywhere from 200-300 miles, placing it in similar territory as the Model 3.

For reference, the most affordable Model 3 starts at $46,990 and can drive 272 miles on a charge.

CEO Peter Rawlinson said that Lucid will roll out this smaller "midsize" platform later in the decade with the goal of producing vehicles that sell for as little as $50,000, but it has bigger plans and intends to license its technology to help other automakers produce a $25,000 EV, which some have already inquired about. "I think it's really important that I have this role to try and create a narrative as well, pushing toward efficiency," said Rawlinson. "I want to go as far as possible with the smallest battery possible."

Derek Jenkins, Lucid's senior vice president of design and brand, has already talked about how the more expensive models will trickle technology down to make more affordable EVs in the future.

Before this more affordable model is announced, Lucid will begin deliveries of the Gravity SUV in 2024. If that model has a successful launch, perhaps we will get more information about a third product.