Lucid Group Inc. has unveiled three affordable battery electric vehicles to challenge Tesla’s market dominance by appealing to the average driver. Tesla’s Model 3 and Model Y EVs are among the most popular electric cars in the Unites States; they regularly land on annual best-selling lists. Lucid, on the other hand, has been praised for the quality of its vehicles, but its sales volumes are still far behind Tesla.
A Lucid Motors executive has now revealed that the company will release three affordable mid-size electric cars in the near future to take on Tesla and garner a large share of the market for itself. The statement noted that Lucid intends to use new EV launches to ramp up competition with Tesla, the most dominant electric vehicle company on the globe.
Now that the early adopter market is mostly done with purchasing high-priced EVs, affordable electric cars provide fresh ground for the competition between Lucid and market leader Tesla to heat up, especially as Tesla still hasn’t unveiled its much-promised affordable EV. Lucid will start its vehicle rollout with the Lucid Gravity SUV, a highly awaited EV that could serve as a showcase for Lucid’s superior mileage, range and technology.
Derek Jenkins, senior vice president of design, says that the upcoming EVs will be the start of an extended rollout of mid-size electric cars. Jenkins described the EVs as “younger” and more “athletic” cars whose affordability could help Lucid narrow the gap between it and Tesla. A statement to Electrek confirmed that the mid-sized Gravity SUV is meant to challenge the Tesla Model Y’s market dominance while Lucid will develop a mass-market sedan to compete with the Model 3.
Although Lucid hasn’t shared any details about the third mid-sized EV, it may not be a station wagon as Jenkins said they were a dying segment. Making the third EV an off-road vehicle would put Lucid in a better position to compete with market players such as Tesla and Rivian, which has a popular line of electric trucks.
Lucid recently received a fresh injection of capital after publishing its Q2 financials, and the company has enough cash to cover new vehicle releases for the next couple of years. Lower-priced versions of the Lucid Air could also garner increased demand and generate more capital for Lucid. However, the upcoming Gravity SUV will undoubtedly act as a market test for the electric vehicle company as it gears up to compete with giants such as Tesla and conquer the affordable EV market.
As the race for EV market dominance heats up, smaller startups such as ElectraMeccanica Vehicles Corp. Ltd. (NASDAQ: SOLO) will have to up their game if they are to thrive in such a cutthroat competition market.
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