Lucid Motors’ CEO plans to launch rival Tesla Mannequin Three in 2024 or 2025 on Reuters

© Reuters. Peter Rawlinson, CTO and VP of Lucid Motors, speaks during the TechCrunch Disrupt event in New York

By Hyunjoo Jin and Joshua Franklin

SAN FRANCISCO (Reuters) – Peter Rawlinson, chief executive officer of Lucid Motors, told Reuters on Tuesday that the luxury electric car maker plans to launch a rival for the Tesla (NASDAQ 🙂 Inc. Model 3 in 2024 or 2025.

The company, which is run by the former Tesla engineer, follows the same strategy as Tesla. It starts with a luxury car, to create a halo around the brand, and then to expand into the mass market.

This week she announced plans to go public by teaming up with a blank check company. That indicated a market cap of $ 56 billion – before regular production of Lucid Motors’ first model began.

According to Rawlinson, increasing the production of a mass-produced car is a major financial challenge.

“I can’t wait to do that,” he told Reuters, referring to the rival of Tesla’s Model 3, the cheapest sedan. But first, Rawlinson said he would focus on the luxury, bigger car for now, which paradoxically requires fewer resources.

“It takes more capital to make a smaller car because it requires a bigger factory and more automation,” he said.

Experts say it may be too late for Lucid to bring the affordable model to market as older manufacturers like Volkswagen (DE :), Hyundai Motor, and Ford are already introducing affordable models to challenge Tesla.

“It is questionable whether there will be a market for Lucid after four to five years,” said Mel Yu, an analyst for the automotive industry.

Lucid Motors’ first electric car, the Luxus Air, will not go into production until the end of 2021, later than the originally planned start in spring 2021.

Rawlinson said the automaker expects to produce a cheaper version of the luxury sedan under $ 70,000 in 2022, followed by a sport utility vehicle, codenamed Project Gravity, in 2023. He said it was involved in developing pickups and utility vehicles Interested. but they are several years away and could be built with partners.

“The world desperately needs $ 25,000 worth of cars. Lucid can’t realistically do that for another eight years,” he said, adding that even Tesla has not yet launched such a model.

He also said six well-known automakers reached out to him last month expressing an interest in Lucid Motors’ technology. Working with another company could result in manufacturing a car worth $ 25,000 in the next three to four years, he added.

He also said it was too early for the company to make its own battery cells for now, adding that it has contracts with suppliers LG Chem and Samsung (KS 🙂 SDI.

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