The brand announced in June 2023 that it was raising $3 billion, the majority of which would be sourced from Saudi Arabia\u2019s Public Investment Fund \u2013 the largest stakeholder in Lucid Motors with over 60 percent of its shares. Rawlinson then shared the target price of its future EV, which he indicated would make it competitive.<\/p>\n
His vision is to launch an EV at around $50,000, \u201cright in the heart of the Tesla Model 3, Model Y territory.\u201d As per the current prices, that\u2019s close to the upper end of the Model 3 and Model Y prices. We\u2019ve seen on multiple occasions that the Model 3 can cost well under $30,000 after applying the federal tax credit and state-level incentives.<\/p>\n
Even though Rawlinson agreed that the world needs a $25,000 EV, a $50,000 model is the best the brand can achieve between the mid- to late-decade time frame. Rawlinson, a former Tesla engineer, led the Tesla team that designed the North American Charging Standard (NACS) plug.<\/p>\n
He added that it was rare for EV customers to drive over 500 miles in a single day, and expressed the need for wider Level 2 charging infrastructure in locations like apartment buildings and street parking lots. DC fast charging is detrimental to the environment, to the grid, and to the car\u2019s battery, he said, encouraging more overnight charging.<\/p>\n
Lucid is among the few automakers to not have adopted the Tesla charging standard yet. Several major brands followed Ford after it announced NACS adoption from 2024 with an adapter, and eventually with a built-in connector. Rawlinson added that he was \u201copen-minded\u201d about it, and was considering \u201ceverything.\u201d<\/p>\n
Gallery: Lucid Air Sapphire <\/h3>\n
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