'It's Close:' Lucid CEO Says Cheaper EV To Rival Tesla Model 3/Y Coming Sooner Than 2030

EV maker Lucid Group Inc LCID is reportedly preparing to launch its competitively priced mid-sized EV earlier than previously expected. The vehicle, once out, will be up against Tesla’s cheaper, more popular models 3 and Y.

What Happened: Lucid’s CEO Peter Rawlinson said in an interview with Autocar that the company’s next vehicle will be priced at around $50,000, in the same price bracket as Tesla’s popular, lower-end cars. Rawlinson was formerly the chief engineer for Tesla’s Model S.

During the company’s third-quarter earnings call, Rawlinson that the company is working on both the Lucid Gravity and and a more affordable midsize vehicle. The Gravity was revealed last month. The midsize vehicle, Rawlinson then said, will arrive before the end of the decade.

However, in the new interview with Autocar, Rawlinson said,  "I've formally stated mid-late decade, and that has been completely misquoted as the end of the decade – 2030. What I mean is ‘not 2025'. It's a few years away, but it's close. It takes three and a half years to do a car, and we've started… and that wasn't yesterday."

The new and upcoming vehicle is Lucid’s attempt to compete in the market of the high-volume family car after its higher-end Air sedan and Gravity SUV which start near $80,000. However, the choice of pricier onset vehicles was intentional and due to the high costs of setting up a new company, Rawlinson said in the interview.

With the more affordable EV, Lucid is eyeing larger volumes. However, the CEO did not divulge the volume target the company is looking to eventually achieve.

Lucid Into UK: Rawlinson also revealed the company’s intentions to enter the UK market with right-hand drive cars in the future. Developing a right-hand drive Air sedan should take about 2 years given that the company is currently busy with the Gravity, Rawlinson said, pinning the timeline sometime in late 2025.

“I'd love it to be less. If we started tomorrow, it would be 18 months," Rawlinson told the publication.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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Image created using photos via Shutterstock and Lucid