Lucid promises cheaper, no-compromise EVs

The company’s investor day showcased a new vehicle platform, a new electric drive unit, software updates and monetization and other plans.

Lucid Midsize vehicle sketch — *Lucid is planning to launch cheaper vehicles on its new Midsize platform. – Lucid Group photo*

Lucid Motors currently has just two vehicle models, the Air sedan and the Gravity SUV.

Both electric vehicles lean on the luxury side and push prices into six-figure territory. The sedan actually starts a hair under $100,000, but once you include fees, options and taxes, you’re well on your way into six figures.

But the company is hoping to cut those price tags by about half with upcoming new models.

During the company’s investor day in New York March 12, Lucid Group Inc. announced several endeavors to scale up its business and move toward profitability.

Lucid Lunar robotaxi concept — *Lucid’s Lunar is a purpose-built robotaxi concept on the Midsize platform. – Lucid Group photo*

Upcoming plans at a glance

This includes a new and less expensive vehicle platform, a new electric drive unit, software and technology updates, including plans for an in-vehicle AI assistant and a push toward autonomous driving, and a stronger strategy to monetize software and services.

Furthermore, the company is working toward finalizing an agreement with Uber to launch a robotaxi program utilizing the new vehicle platform.

Lucid Midsize platform — *Lucid says its new Midsize platform will help it increase scale and lower cost. – Lucid Group photo*

New Midsize platform

That brings us to the new Midsize platform.

This new platform is expected to underpin several new vehicles, with Lucid hoping to launch new vehicles with prices of less than $50,000 (U.S.).

Despite the lower cost of entry, Lucid said these vehicles wouldn’t lose the range, efficiency, performance and driving pleasure the company’s customers expect.

“With Midsize, we didn’t compromise what makes a Lucid special, we engineered it to scale,” said Derek Jenkins, senior vice president of design and brand at Lucid, in a news release. “These vehicles deliver unmistakable Lucid design and driving characteristics, while embracing a radically simpler, more efficient approach to manufacturing and cost.”

Lucid Group said the new platform will help it reduce manufacturing and engineering costs and increase scale.

Several vehicles on Midsize platform

The company announced plans for several vehicles on the new platform.

One is the Lucid Cosmos. Cosmos is intended as an SUV for customers who want exceptional efficiency, space and performance, the company said.

Another is Lucid Earth. This vehicle is promised as a more adventurous SUV, possibly something along the lines of an off-road vehicle.

The company said details of a third model will be shared later.

Additionally, the Midsize platform will underpin the Lunar model. This one is intended as a purpose-built two-seat robotaxi. This model is still in the concept phase but is intended to be used for autonomous and commercial purposes.

*The new Atlas electric drive unit will motivate all vehicles on Lucid’s new Midsize platform. – Lucid Group photo*

New Atlas drive unit

Lucid Group said Atlas, its new electric drive unit, is at the heart of the new platform.

The company said Atlas advances Lucid’s efficiency through a smaller, lighter and simpler design. It also uses identical front and rear housings and mounts to improve manufacturing scale and cost efficiency.

The unit is also said to be radically simplified, allowing it to reduce the number of parts, assembly time and cost.

“By designing the entire vehicle as one integrated system, Lucid has raised the bar for electric vehicles,” said Marc Winterhoff, Lucid’s interim CEO, in a news release.

“With Midsize, that same approach delivers best-in-class products and a scalable, profitable business model that positions our vehicles to compete and win against combustion powered alternatives at scale.”