Lucid Motors, known for premium electric vehicles like the Air sedan and Gravity SUV, is shifting gears to enter the more affordable electric vehicle market. The company unveiled a new midsize platform designed to underpin upcoming electric cars priced below €43,000-marking a major departure from their usual $100,000-plus price tag.
At an investor meeting, Lucid revealed two new models named Cosmos and Earth. These vehicles will be smaller than the existing Air and Gravity. A third, larger vehicle-almost van-sized-is also in the works, though it has not been named yet.
To hit these lower price points, Lucid is simplifying production. Engineers have cut down on parts and streamlined assembly processes. A standout innovation is the new Atlas electric motor-smaller, lighter, and comprising 30% fewer components than previous Lucid motors-making it cheaper and easier to manufacture.
Battery costs, typically the most expensive electric vehicle component, are also coming down. Lucid’s reputation for efficiency allows the company to use smaller, lighter battery packs while maintaining competitive range. This trimming helps shave several thousand euros off each vehicle’s price.
The Lucid Cosmos targets performance enthusiasts, boasting 0 to 60 mph acceleration in around 3.5 seconds or less. Internally, Lucid classifies it as a ”sporty and tech-focused” model.
In contrast, the Lucid Earth prioritizes practicality for everyday use, though it shares advanced technology with Cosmos. Lucid envisions these two models appealing to active drivers who enjoy both speed and utility. The unnamed third model will focus heavily on space and versatility, trading speed for maximum functionality.
Besides expanding its consumer lineup, Lucid is developing a robotaxi service and plans to offer a subscription-based autonomous driving package for ongoing revenue. The company will also add Apple CarPlay and Android Auto support, a nod to drivers who want smoother smartphone integration.
This move toward affordable electric vehicles could reshape Lucid’s business. While its luxury models remain profitable, increasing sales volume through lower-priced cars will allow the company to broaden its footprint. If successful, Lucid may soon have a diverse range of electric vehicles on roads worldwide, challenging established players like Tesla, BMW, and Volkswagen in multiple segments.