Lucid Prepares To Launch Affordable EVs: First Midsize Model Could Be Unveiled As Early As This Year To Take On Elon Musk's Tesla

Lucid Group Inc. LCID is looking to unveil its new vehicles based on its midsize platform later this year or early next year, according to the company’s interim CEO Marc Winterhoff.

What Happened: Lucid is looking to bring three midsize vehicles to the market and the first of them is scheduled to start production in 2026, Winterhoff said.

The vehicles, he said, will be unveiled later this year or early next year. The company has completed the advanced engineering phase of two of the midsize vehicles, he said, while adding that they will now move on to the development and industrialization phase.

Both of Lucid’s current offerings – the Air sedan and the Gravity SUV– are higher-end EVs with a high price point. While the base version of the Air sedan starts at $69,900, the only available Grand Touring variant of the Gravity starts at $94,900.

With the midsize platform, the company intends to expand its addressable market and increase delivery volumes. Lucid also intends to sell some of its midsize vehicles to the government of Saudi Arabia as part of a deal entered into in 2022.

Why It Matters: Lucid’s former CEO Peter Rawlinson has previously said that the high-volume midsize vehicle will start at around $48,000. A price point of $48,000 will put the vehicle in direct competition with Tesla Inc.’s TSLA best-selling Model Y SUV.

It is unclear if all the three midsize vehicles that Lucid is planning will be priced in the same range. It is also not known whether the vehicle would be a sedan, SUV, or another form.

A lower-priced sedan would also put Lucid in direct competition against Tesla’s cheapest offering, the Model 3 sedan which has a starting price of $42,490.

Lucid did not immediately respond to Benzinga‘s request for comment.

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