Lucid Interim CEO Warns Trump Tariffs Will Hike EV Prices Even For US Buyers

Lucid Motors interim CEO Marc Winterhoff cautioned that rising tariffs under a potential second Trump administration will raise vehicle prices for American consumers, even for cars built in the US. 

In a Monday interview with Bloomberg TV, Winterhoff said the global nature of the EV supply chain makes it impossible to avoid increased costs.

Lucid seeks to localize battery materials as tariff pressure grows

While Lucid builds its vehicles in California, Winterhoff emphasized that many key EV components, especially for lithium-ion batteries, are still sourced from abroad. 

“For the American consumers, vehicles are going to be more expensive under the tariff regime. There’s no other way around it. There’s a reason the supply chain is so global,” he said.

To mitigate this, Lucid signed a deal in June with Graphite One to secure more US-processed graphite, a core battery ingredient. The company is also working with longtime battery supplier Panasonic to localize more of its cell materials in the US, according to a Bloomberg News report.

Panasonic deal under review as economics shift post-credits

Lucid will not use battery cells from Panasonic’s new De Soto, Kansas facility until 2026, but Winterhoff called the investment “a very good move” amid rising trade restrictions.

Lucid has sourced 2170-format cells from Panasonic since 2022, with initial cost advantages due to US manufacturing tax credits. But Winterhoff noted those benefits are now at risk. “There is some room for improvement,” he added, urging deeper localization efforts from Panasonic to avoid future cost spikes.

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