Lucid Motors is gearing up to enter the competitive mid-size electric SUV market, aiming to launch a new model by 2026. The segment is currently dominated by Tesla's Model Y. Lucid's Senior Vice President, Derek Jenkins, expressed confidence in the timeline despite potential unpredictabilities, stating that progress is on track.
The company plans to price the new SUV around $50,000, positioning it against rivals like Ford's Mustang Mach-E, Hyundai's Ioniq 5, and the upcoming Rivian R2. Lucid's team is actively preparing assembly lines and collaborating with suppliers to ensure a smooth rollout.
Lucid's interim CEO, Mark Wintherhoff, acknowledged the impact of tariffs from the previous U.S. administration but emphasized efforts to mitigate these effects. The company has signed agreements with battery cell and graphite suppliers to relocate production to the U.S., with factories currently under construction.
Lucid, supported by Saudi Arabia's Public Investment Fund, plans to introduce a more affordable version of its Gravity SUV later this year, with a starting price of $79,900. The company expects strong demand for this model, which will help double its vehicle production to around 20,000 units by 2025.
