Lucid (LCID) has no plans to launch a $20,000 EV, but it could help create one
That $20,000 luxury Lucid EV you’ve been waiting for will likely never hit the market. CEO Peter Rawlinson said Lucid (LCID) has no plans to launch a $20K vehicle. However, it could play a role in bringing cheaper EVs to market.
After its third straight quarter of record deliveries in Q3, Lucid is gaining traction. The EV maker is now outselling its German luxury rivals in the US, including the Porsche Taycan and Mercedes EQS.
Lucid’s Air even outsold the Tesla Model S in the third quarter. According to Kelley Blue Book, Lucid sold 1,944 Air models in Q3, up 33% from last year, while Tesla Model S sales slipped 47% to 1,669.
The company’s growing sales come despite many media headlines claiming that EV sales are slowing or cooling.
On The Wall Street Journal’s recent Bold Names podcast, Rawlinson said there is a “false narrative” that EVs are in decline. Sales are still up, Rawlinson explained, but they may not be climbing as fast as some had predicted.
Lucid’s CEO is not surprised by some legacy automakers’ “lame efforts.” According to Rawlinson, the company was established for a different reason. Lucid exists “to advance the state of the art of EVs,” the company’s CEO said on the podcast.
Is Lucid launching a $20K EV?
In 2021, Lucid launched the first EV with over 500 miles range. To this day, “There’s no competitor within 100 miles of that car,” according to Rawlinson.
Lucid is focused on efficiency or enabling more range with fewer batteries. To promote widespread adoption, Rawlinson said we must hit the core issue: the cost of batteries as a function of their size.
To get there, Lucid had to start with a high-end premium product, its luxury Air sedan. The company’s leader said Lucid exists to advance “the state of the electric car” with its advanced tech. In other words, it is about driving down costs while unlocking more driving range with smaller, more efficient technology.
So does this mean we will eventually see a $20,000 Lucid EV hit the market? It’s still not likely. According to Rawlinson, Lucid has no plans to build a $20K EV because “that market sucks.”
Lucid’s CEO pointed to Porsche, one of the most profitable legacy automakers, saying, “It doesn’t operate in that sphere.”
Meanwhile, Rawlinson explained that Lucid is “commercially viable in the future.” He believes that is where Lucid could have an opportunity to license its tech.
Enabling cheaper EVs
Regarding a $20K or $25K EV, the company’s advanced tech will “enable that tomorrow,” Rawlinson said, but it will not be a Lucid vehicle. When asked, “Are you going to build that $20,000 vehicle?” Lucid’s CEO responded, “No, because that market sucks.”
The mass market segment has “terrible low margins,” and that’s not where the company is trying to compete.
Rawlinson said other OEMs already have the manufacturing network and could put such a vehicle in place.
The premium EV maker plans to launch several lower-cost vehicles on its upcoming midsize platform, but they will still be around $50,000. Lucid’s midsize SUV, which is due out in 2026, will be “priced around 48 to $50,000,” Rawlinson confirmed.
That’s the price range Lucid wants to do business in, but licensing its tech will enable others to make more affordable products.
Rawlinson said when the new midsize model model launches, “we become a Tesla competitor, head-to-head.” Lucid’s CEO said he believes the upcoming EV will be “massively better than a Tesla Model Y.” He added:
Because of our technological advantage, we should be able to make that car with its competitive range, but with less batteries than anyone else.
According to Rawlinson, doing so will not only save resources but also “allow a better gross margin per vehicle than anyone else.”
That is the game plan, the “chess game” Lucid is playing. Although the media portrays Lucid as a Tesla competitor now, the company is actually targeting Mercedes and Porsche. In a few years, it will challenge Tesla head-to-head with its midsize SUV.
Before that, Lucid is launching its first electric SUV, the Gravity. It has already begun taking orders for the higher-end $94,000 model, which is scheduled to enter production later this year. A more affordable $80,000 version is planned for late 2025.
After securing another $1.75 billion through a recent capital raise, Lucid said it has enough funding for “well into 2026,” right in time for the midsize model.
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With much of the US sweltering under a record-breaking heat dome, many EV buyers and owners are left wondering how their favorite electric cars perform in extreme summer temperatures. A new study tracking over 29,700 electric cars in real-world conditions provides the answers, and we’re sharing them here: these are the EVs that handle the summer heat best.
The EV leasing and subscription specialists Recurrent Auto have had tens of thousands of new and used EVs in their database over the years, giving them a massive dataset to analyze and draw conclusions from. So when they published their findings about which EVs had the best range in 90- and 100-degree weather, it was required reading for any would-be EV expert.
“Most of the country has a heat advisory right now, so we’re fielding lots of questions about EV batteries in extreme heat,” reads the intro to the Recurrent report. “Here’s the deal … electric cars work perfectly fine in hot weather. Range loss at 90F (32C) is minimal. Less than 5% change.”
Like many real-world aspects of EV ownership and longevity, that seems a lot better than what most people – or even most analysts would likely tell you. So, what gives?
“When temperatures pass 100F (37C), range impacts can be 17-18%,” they continue, “but these reductions are temporary while the AC is working to keep passengers cool … we advise that owners and dealerships avoid letting an EV sit with extremely low states of charge in this heat. An EV uses its battery power to keep the battery cool.”
The infographic
Recurrent’s findings put the Audi e-tron in the top spot, followed closely by recent JD Power favorites BMW i4 and Rivian R1S, all of which reportedly lose less than 3% of their range, even at an absolutely blistering 100°F.
To put those percentages into some easier to digest numbers (and fix the fact that Recurrent’s infographic makes it look, to my eyes, like you can’t drive a Nissan Ariya or Chevy Blazer at 100+ degrees), I’ve done the math, starting with the EV’s EPA-rated range under “ideal” conditions, then translated that using the percentages from Recurrent.
Would I bet my family’s safety and convenience on this rough-and-tumble chart while planning my next road trip? Absolutely not – go download Chargeway for that. Would I do the math because it’s a fun mental exercise that’s going to generate fun comments? Absolutely.
Check out the math, below, and if you see an EV you like in there click on the link in the table to go find a great local deal on a hot weather ready electric car near you. Links to Rivian and Tesla dealers weren’t included because they don’t have dealers.
EV range in extreme heat
SOURCES: Recurrent Auto, via LinkedIn; featured image via Audi.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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Time-of-use electricity plans are hardly a new concept, but what makes Octopus Energy’s new time-of-use plan, OctopusFlex, great is that it’s ridiculously simple.
It rewards its customers in Lubbock, Texas, for using power between 10 pm and 6 am with cheaper rates, when the grid is quieter and cleaner. That means big savings for choosing to run your dishwasher or washer and dryer at night or charging your EV while you sleep.
And if customers use EV charger apps and smart thermostats, OctopusFlex automatically shifts electricity use to off-peak hours, which makes a real difference in accessing lower rates and saving money.
“This is about more than off-peak discounts,” said Nick Chaset, CEO of Octopus Energy US. “We’re giving customers the power to save money while actively supporting a cleaner, more balanced grid.”
Built around customer feedback, OctopusFlex is designed for total transparency. Customers can see exactly how and when they’re using electricity, what it’s costing them, and no connected devices are required. All they have to do is remember that electricity is cheaper from 10 pm to 6am.
“We’re thrilled to launch OctopusFlex, a plan our customers asked for and helped name,” said Katie Rosario, marketing manager. “With OctopusFlex, customers can shift energy use on their terms to save money.”
And in the summer, when solar power is strong and demand shifts, OctopusFlex customers could see low rates not just overnight, but all day long. (This program is designed for folks who don’t have solar and battery storage.)
“Time-of-use is one of the easiest ways to cut energy bills and reward flexibility,” said Daniel Kirwin, product manager. “We couldn’t be more excited to bring this to Texas.”
By nudging demand to off-peak hours, OctopusFlex helps reduce the strain on Texas’ grid during scorching summer afternoons, cuts the risk of blackouts, and makes room for more renewable energy.
Want to make the most of it? Pre-cool your home in the early morning, run big appliances overnight, charge your EV after 10 pm, and use smart plugs or timers to set and forget.
OctopusFlex is now live in Lubbock, Texas, where Octopus Energy became a retail provider in early 2024. Octopus Energy launched in 2016 and entered the US market in 2020. The company is part of Octopus Group, a global certified BCorp operating in 18 countries.
Read more: This Texas EV lease company includes unlimited free home charging
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
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