Lucid CEO Wants To Make An EV 'Right In The Heart' Of Tesla's Model 3, Model Y Price Range

Lucid Group Inc LCID CEO Peter Rawlinson reportedly seeks to develop a car in the same price range as Tesla Inc‘s TSLA Model 3 and Y.

What Happened: In an interview with ABC News, Rawlinson said Lucid plans to eventually create EVs that are priced lower.

“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,” Rawlinson said. Lucid’s least expensive model currently starts at about $82,000.

Though he really wants to make a cheaper car, Rawlinson said the $50,000 benchmark is the lowest price range Lucid can go to in this mid to late-decade time frame, while noting the world “really needs a $25,000 electric car.” 

See Also: Is Lucid Motors (LCID) Stock a Good Buy?

The key point hindering the widespread adoption of EVs in the U.S. and worldwide is the entry price point of an electric car, he added.

“I am profoundly aware that we need to push the price down so more people can afford electric cars. This is critically important,” Rawlinson told ABC.

Despite wanting to have an EV in the same price range, Rawlinson said that he is not trying to “dethrone” Tesla as there is a market for great cars as a whole.

Why It Matters: Rawlinson has previously addressed the perception of Lucid as a higher-end EV maker. 

During the company’s first-quarter earnings call in May, he said, "People believe it's a $200,000 car. Actually, the entry-level price is $87,400. It's probably conceivable that people think of it as a $300,000 car dollar count because it's so amazing, but actually, it's much more attainable, and we need to spread that word as well," Rawlinson said.

For comparison, the Tesla Model Y starts at $47,740 in the U.S., and the Model 3 starts at $40,240. The Model 3 Performance version, however, is priced at $53,240. In addition, all versions of these models currently qualify for a federal tax credit of $7,500.

Stock Check: Lucid shares closed Tuesday down nearly 1% at $6.30 and are up 2.11% so far this year, according to data from Benzinga Pro.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

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Image created using photos via Shutterstock and Lucid