Lucid Motors confirms no plans for $20,000 EV but aims to support affordable electric vehicle development

Lucid Motors CEO Peter Rawlinson announced that the company will not produce a $20,000 electric vehicle. Instead, Lucid aims to help other manufacturers create affordable EVs while focusing on its premium models, like the upcoming midsize SUV priced around $50,000. Lucid's sales are increasing, with the Air model outselling competitors like the Tesla Model S and Porsche Taycan. The company sold 1,944 Air models in the third quarter, a 33% increase from last year, despite claims of a slowdown in EV sales. Lucid plans to launch its first electric SUV, the Gravity, later this year, with a higher-end model priced at $94,000. The company has secured $1.75 billion in funding, ensuring financial stability through 2026 as it develops new models.