In a competitive field for electric vehicle (EV) makers in the automotive landscape, Lucid remains firm in bringing more affordable EVs by gearing up to present a midsize SUV, called Project Midsize, priced below $50,000, directly targeting Tesla’s Model Y.

In Lucid’s Q1 earnings call, Lucid reported revenue of $172.7 million, a notable 16% increase from the previous year’s revenue of $150.1 million. Although, Lucid also reported an adjusted EBITDA loss of $598.4 million. Nevertheless, Lucid CEO Peter Rawlinson remains steadfast by disclosing plans for a midsize SUV aimed for a 2026 release that will be priced around  $48,000.  

Lucid also plans to expand its plans for its upcoming Gravity SUV model to turn sales around and position the company for larger success. Rawlinson expressed the company’s Gravity SUV stating, “Following the Gravity SUV program, we see another step change in the total addressable market expansion, without midsize vehicles, which is scheduled for start of production in late 2026.”

With Tesla’s Model Y being around this same price compared to Lucid’s upcoming midsize SUV model, the company is leveraging its tools to capture the broader EV market while including its current Lucid Air Pure model priced at $71,400 and its upcoming Lucid Gravity Pure expected to price around $80,000 to match up against Tesla’s Model S and Model X respectively. 

With Lucid’s dedication to expanding its EV lineup and providing better affordability for the EV market, the company’s midsize SUV and its upcoming Gravity SUV will act on an affordable starting price that offers a start path to raise its status in the EV industry while aiming for increased profits. 

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