Lucid is ready to share technology with other manufacturers to produce an electric car for $20,000

The American company Lucid Motors is concentrating on improving the efficiency of electric vehicles by making them travel longer distances on batteries of limited capacity. According to the automaker’s management, the company’s technology could eventually be used by competitors to create electric vehicles for $20,000.

Image source: Lucid Motors

According to CEO Peter Rawlinson, Lucid Motors does not consider it advisable to produce such cheap electric cars on its own. This market segment has low profit margins, and Lucid would like to operate on high margins, emulating Porsche in the ICE segment. The company considers Porsche and Mercedes its main competitors for the currently offered range of models: the Air sedan and the Gravity crossover.

Lucid also plans to release a more affordable electric car, but this will not happen earlier than 2026, and it will be offered in the price range from $48 to $50 thousand, and it will already become a competitor to the Tesla Model Y, according to Lucid management. At the same time, a car of this brand will offer a comparable range, but with a smaller traction battery capacity, and this will allow the company to earn more than its competitors on each crossover.

In 2021, Lucid introduced an electric car with a 500-mile range, something no competitor could offer at the time. The company plans to use its developments to create more affordable electric vehicles with small batteries. Having licensed its technologies to other manufacturers, the company is ready to help them create an electric car worth $20,000. In the meantime, it is preparing to begin production of the Gravity crossover for $94,000, which will roll off the assembly line before the end of this year. Next year it will have a more affordable version for $80,000.

Let’s remember that Tesla recently announced that it was abandoning the idea of ​​​​producing an electric car that would cost $25,000 and would include driver control. The company is ready to bring to market a vehicle in this price category, but it will be fully automatic and focused on working in an unmanned taxi.