We expect the Lucid Air will be followed by cheaper, more attainable offerings.
Lucid is proving to be a remarkable success story, with the brand now worth a reported $24 billion, and as the company continues to invest in itself, the future is looking very bright. Its main attraction is the Lucid Air, a spectacular electric sedan that will be followed up by a new SUV called the Gravity, but neither of these offerings will be particularly affordable for the average Joe. Lucid has recognized this and agrees that cheaper cars need to come soon, with CEO Peter Rawlinson saying that the automaker will make vehicles "progressively more affordable in progressively increasing numbers". And these cheaper cars aren't an afterthought but are part of a bigger plan for the company.
Rawlinson elaborated by saying that Lucid's "factory in Arizona is capable of being expanded from its current guise of 34,000 units per annum. We're taking this model: start with a high-end product and gradually make it more affordable." Essentially, Lucid is using the expensive development of the Air to learn more about battery tech and car production in general, because you can get away with higher production costs on a more expensive vehicle.
The lessons learned in this exercise will then translate to a trickle-down effect for future models. "I have a clarity of vision to get to the mythical $25,000 electric car. And it's going to take one thing to drive it: technology", said Rawlinson. Lucid has since told us this isn't a guarantee that it will build a $25K electric vehicle, but that it understands the importance of affordable EVs.
Rawlinson also made an indictment on automakers that are looking to simply reduce battery costs, saying that this is the wrong way to make EVs cheaper. "If I can double efficiency, I can go the same range with half the battery size. That would halve the battery cost and would halve the weight of the battery. Surely that's better than just carving battery costs?"
We can't help but see the sense in his argument, and if his ideas come to fruition, Lucid could be at the forefront of the switch to EVs for the majority of the driving populace. And the idea of driving an EV that's both beautiful and affordable certainly resonates with us.