Lucid’s (LCID) answer to the Tesla Model Y, Model 3 could come sooner than expected
An affordable Lucid (LCID) electric car? Lucid has already started developing its high-volume EV lineup, poised to rival the Tesla Model Y and Model 3.
Lucid’s CEO, Peter Rawlinson, revealed the company was aiming to release an EV priced around $50,000. Or, in Rawlinson’s words, “Right in the heart of Tesla Model 3, Model Y territory.”
Rawlinson explained in Sept, “I am not here to build an expensive car that only rich people can afford.”
Lucid started with premium products, like the Air sedan and Gravity SUV, because it was the only way the business would work financially.
Both the Lucid Air and Gravity have starting prices around $80,000. Although Rawlinson said Lucid aims to launch the affordable EV by mid-to-late decade, many have misquoted it as 2030.
Rawlinson clarified to Autocar that Lucid is already developing the Tesla-rivalling EV. He said, “I’ve formally stated mid-late decade, and that has been completely misquoted as the end of the decade – 2030.”
Lucid CEO confirms affordable EV coming to rival Tesla
Lucid’s leader explained, “What I mean is ‘not 2025’. It’s a few years away, but it’s close,” adding, “It takes three and a half years to do a car, and we’ve started… and that wasn’t yesterday.”
Before Lucid, Rawlinson led the development of the Tesla Model S. He confirmed the new models would be aimed directly at Tesla’s sweet spot.
The mid-sized [line] is going to be overtly a Tesla competitor – Model 3, Model Y. This is the first time I’ve ever said it: we’re going to compete in that market – high-volume family car.
Rawlinson assured the new EV line will be competitive because “we’ve got the most advanced technology, which means we can go farther with less battery.”
More importantly, “if you can go a certain distance with less battery, you can make that car more cheaply than anyone else.”
Lucid’s Air electric sedan is one of the longest-range EVs, with up to 516 miles, due to Lucid’s in-house powertrain components, battery chemistry, and design.
The EV maker signed into a strategic tech partnership with Aston Martin in June to help them build electric performance cars. Lucid will supply its high-performance twin motor unit, battery tech, and Wunderbox charging system.
Electrek’s Take
Lucid has struggled to ramp production and deliveries this year. Deliveries slipped from a peak of 1,932 in Q4 2022 to just 1,456 in the third quarter.
Output is also down. Lucid produced 1,550 vehicles in Q3, down 50% from its peak of almost 3,500 in Q4 last year.
As a result, Lucid cut its 2023 production target to 8,000 – 8,500 vehicles. That’s more than 40% less than its higher-end target (14K) from last year.
The company hopes its new Gravity SUV can help spark life into the brand. With current prices upwards of 80K, an affordable EV could help Lucid expand into new markets.
Fellow EV startup Rivian (RIVN) is also planning to launch cheaper electric models. Rivian found a partner to build its massive $5 billion mega plant in GA. The facility will be home to Rivian’s R2 vehicles. Starting prices are expected around $40,000 – $50,000.
Lucid is not looking to replace the Tesla Model Y, Model 3, or Model S with a lower-priced EV. Rawlinson previously said there’s a market for great electric cars. “The more people who get behind the wheel in our cars will ditch their gasoline car and move to a Lucid Air because it’s better,” he explained.
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Leading electric vehicle analyst, author, and industry thought leaders Loren McDonald and Bill Ferro stop by Quick Charge to discuss EV Adoption’s acquisition by Paren, the “crisis” of EV charging reliability, and the real state of the EV market.
Depending on who you listen, EVs are either driving brands to record growth and are about cross that critical 10% of the overall market nationwide, or the future is bleak, the market is down, and EVs just aren’t selling. What’s really going on? Loren and Bill (probably) have some answers.
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Read more: All my favorite EVs, racecars, and robots from Electrify Expo Austin.
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Chevy EV owners in Texas who have Reliant as their electric utility can now charge for free at night with renewable energy.
Over 150 Chevrolet dealerships across Texas are now offering the Reliant Free Charge Nights plan to new EV buyers. With Free Charge Nights, customers can offset their charging costs by receiving credits for electricity used between 11 pm and 6 am. The plan is powered entirely by renewable energy, thanks to the purchase of renewable energy certificates (RECs).
Rasesh Patel, president of NRG Consumer, says the plan is about making power personal: “We’re excited to help Chevrolet EV drivers offset the cost of charging their vehicle all while having access to a renewable electricity plan.”
This collaboration aims to make EV adoption more appealing by making charging cheaper and greener. GM Energy’s chief revenue officer, Aseem Kapur, emphasized that partnerships like this help build the ecosystem needed to support an all-electric future: “The Reliant Free Charge Nights plan is a great example of how an automaker and an energy company can work together to make EV adoption an easy decision.”
Existing Reliant customers can also sign up for the Free Charge Nights plan. To get started, Chevrolet EV owners need to designate their vehicle on the GM Energy Smart Charging Portal before enrolling in the plan.
Reliant Energy, a subsidiary of NRG Energy, serves over 1.5 million customers in Texas, making it one of the largest electricity providers in the state.
Read more: Texas to get 1 GW AI-powered virtual power plant, enough to power 200,000 homes
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Texas is about to get a major power boost – a new AI-powered virtual power plant (VPP) delivering capacity equivalent to 200,000 homes during peak demand.
NRG Energy is teaming up with Renew Home to bring nearly 1 gigawatt (GW) of capacity to the Texas grid by 2035, aiming to make it more resilient while helping residents save on energy costs.
The new VPP will rely on hundreds of thousands of smart thermostats and other connected home devices, making use of AI technology provided by Google Cloud. These devices, like Vivint and Nest smart thermostats, will be offered to eligible customers at no cost. By automating HVAC adjustments, they help shift energy use to when electricity is cheaper, cleaner, and less strained.
NRG and Renew Home have big plans for the VPP. Starting in spring 2025, the companies plan to roll out the program across Texas, installing these smart thermostats in homes served by NRG’s retail electricity providers. Eventually, they plan to add home battery storage and EVs to expand the power plant’s capabilities.
Texas has faced record-breaking energy demands, with peak usage hitting 85 GW in 2023. As the state’s population grows and extreme weather becomes more frequent, VPPs like this one could play a key role in stabilizing the grid. VPPs aggregate a lot of small-scale energy resources, from smart thermostats to home batteries, and use them to help balance supply and demand during times of high stress on the grid.
This nearly 1 GW VPP will be one of the largest of its kind in Texas. NRG’s president of consumer operations, Rasesh Patel, calls it a “pivotal step” for improving customer experience while making Texas’ energy infrastructure more sustainable and resilient.
In addition to Renew Home, NRG is working with Google Cloud to maximize the power plant’s effectiveness. Google Cloud’s AI and analytics tools will help predict weather conditions, forecast renewable generation, and optimize energy usage, all of which will help make energy management smoother for both customers and the grid.
Ben Brown, CEO of Renew Home, said:
NRG’s commitment to creating a more resilient and sustainable energy future while also making electricity bills more affordable makes them an ideal partner for co-developing this unique VPP program.
This initiative raises the bar for future-proofing our electricity infrastructure and delivering cost savings to customers.
Read: Chinese solar giant Trina sells its Texas factory a week after it opens
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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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