Lucid Motors Plans Tesla Model 3 Rival, But Not Until 2024 or 2025, Says CEO

Lucid Motors CEO Peter Rawlinson says the company plans to launch its rival to Tesla’s Model 3 sedan, but not until 2024 or 2025.

The former Tesla engineer, now leading Lucid Motors, told Reuters, “I can’t wait to do that,” referring to the Model 3. The company first will focus on its luxury sedan the Lucid Air.

According to Rawlinson, it takes fewer resources to produce the larger, luxury-branded Lucid Air, compared to a smaller sedan such as the Model 3.

“To make a smaller car requires more capital, because you need a bigger factory and more automation,” explained Rawlinson.

The Lucid Air was set to start production this spring, but now that timeline has been pushed back to late 2021.

Rawlinson also noted he is “interested” in building electric pickup trucks and commercial vehicles, but that idea is years away and may require a partner to do so.

As for a cheaper electric vehicle at the coveted $25,000 USD pricepoint? “The world needs $25,000 cars urgently. Lucid can’t do it for another 8 years realistically,” said the Lucid CEO. Eight years from now would be 2029.

It’s worth noting Tesla said in 2020 it plans to produce a $25,000 USD car within three years. Recent rumours claim this timeline may happen sooner than we think.

The Lucid CEO also revealed six “well-known” automakers have contacted the company in the past month, seeking interest in the electric startup’s technology. If Lucid had a partner, a $25,000 USD car may be possible in 3-4 years.

Battery constraints remain an issue for electric automakers, including Lucid. Rawlinson said for now the company will not produce its own battery cells, but rather rely on supply chain partners LG Chem and Samsung SDI.

On Monday, Lucid Motors announced a merger with Churchill Capital Corp. IV, confirming its plans to go public through the SPAC, with the company’s valuation estimated at $12 billion USD.