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Lucid teases an upcoming EV that can divert buyers from Tesla

California-based automaker Lucid (LCID) - Get Free Report has been making some major moves very recently. The EV-focused manufacturer revealed its anticipated Gravity SUV at the Los Angeles Auto show in November, while its Air Pure sedan was recently blessed with a spot on the coveted Car and Driver 10Best list. Related: Mercedes-Benz is getting into an unusual new venture aimed for its discerning customers Lucid on Jan. 24 unveiled the second phase of expansion for its massive Advanced Manufacturing Plant in Arizona, which would support the production of the Gravity SUV to commence later this year. During the fanfare, Lucid CEO Peter Rawlinson revealed that his company has been working on a project that will keep the likes of Tesla (TSLA) - Get Free Report on its toes – a midsize SUV it currently calls "Project Midsize." “Allow me to give you a sneak peek at something else that’s coming just in a few years, which is really the big one and this is our Project Midsize,” said Rawlinson. “This is going to be a more affordable Lucid which is going to have much wider appeal, much higher volume.” The CEO showed a photo of a curvy, sloped-back mid-size SUV design hidden under a veil to the crowd in attendanceThis is the Lucid 'Project Midsize', the 3rd #EV @LucidMotors expects to launch ... after the Gravity SUV, for which deliveries are to begin late this year.Per CEO Peter Rawlinson, engineering prototypes exist already. It'll be Lucid's Model Y, if you like. No timing discussed. pic.twitter.com/D6MsGa99O2— John 'legacy blue check' Voelcker (@johnvoelcker) January 24, 2024 According to a post on X, formerly known as Twitter, by Car and Driver contributing editor John Voelcker, the former Tesla Chief Engineer and current Lucid CEO said that engineering prototypes of the new car have been developed and that it is looking to compete with the likes of his former company's Model Y crossover SUV. Rawlinson first teased the idea of the "midsize" in a December 2023 interview with British automotive authority Autocar, where he said that the company is planning two $50,000 mainstream models to compete with Tesla's Model 3 and 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 told Autocar. More Business of EVs:A full list of EVs and hybrids that qualify for federal tax creditsHere’s why EV experts are flaming Joe Biden’s car policyThe EV industry is facing an unusual new problem Lucid's decision to tackle the likes of the Model Y makes sense, especially when considering its sales figures. According to preliminary data from JATO Dynamics, Elon's Model Y has beaten out 2022's best-selling car – the Toyota RAV4, to claim the top spot. “The increase in global sales of the Model Y is unprecedented, particularly for a vehicle in the top ten best-sellers," JATO Dynamics Global Analyst Felipe Munoz said. "What Tesla has been able to achieve with the Model Y in such a short space of time is simply remarkable.”Related: Veteran fund manager picks favorite stocks for 2024
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TheStreet

Lucid teases an upcoming EV that can divert buyers from Tesla

The EV firm headed by a former Tesla Engineer is aiming at Elon's sales leader

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