American electric vehicle (EV) manufacturer Lucid Motors has announced plans to launch three new models on a new more efficient and affordable “Midsize” platform including two electric SUVs, the Lucid Cosmos and Lucid Earth.
Only a few weeks after the company confirmed that it would lay off 12 per cent of its workforce in an effort to “streamline” the company and boost profitability, Lucid unveiled at its investor day in New York late last week what it hopes to be a “comprehensive financial and product strategy”.
The new strategy is aimed at scaling its business, accelerating the company’s path to profitability and positive free cash flow, and extending building its technological capabilities to such a place where it can extend into higher volume premium segments of the global automotive market.
In addition to outlining its strategic goals, Lucid also outlined key specifics of its upcoming Midsize platform and revealed its next-generation electric drive unit, dubbed Atlas.
The new Midsize platform has been designed from the ground up to deliver what Lucid Motors hopes will be “segment-leading” cars “at a more accessible price point” while maintaining the brand’s celebrated range, efficiency, and performance.
EVs built on the Lucid Midsize platform should be priced below $US50,000, which would convert to something around the $A71,500 mark.
Lucid Motors named two of the three new models to be built on the new platform – the Lucid Cosmos and the Lucid Earth. Details on the third consumer model will be shared at a future date.
Both the Cosmos and Earth are electric SUVs, with the Cosmos designed for customers seeking efficiency, space, and performance, while the Earth is expected to target those “with an even more adventurous spirit” based on the driving dynamics and efficiency of past Lucid EVs.
“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.
“These vehicles deliver unmistakable Lucid design and driving characteristics, while embracing a radically simpler, more efficient approach to manufacturing and cost.”
The Midsize platform cars will have “significantly” smaller battery packs while still delivering the driving range typical of a Lucid Motors EV, which ranges from 600 kilometres up to nearly 1,000 kilometres, and efficiency of close to 8 km per kilowatt hour.
“Our efficiency leadership directly translates into cost leadership with our Midsize platform,” said Emad Dlala, senior vice president of engineering and software at Lucid.
“Smaller batteries, fewer parts, and tighter integration mean lower cost, better performance, and a superior customer experience, all at the same time.”
Also based on the Midsize platform will be the Lucid Lunar, a purpose built two-seat robotaxi concept designed to “maximise efficiency, utilisation, and lifetime operating economics.”
Lucid Motors also used its investor day to reaffirm its commitment to the strategic relationship with ride-hail giant Uber as the two companies finalise an agreement to deploy Lucid Midsize platform vehicles at a scale similar to the Gravity robotaxi program.
“We view Lucid as a key strategic partner as we continue to rapidly deploy autonomous vehicles around the world,” said Dara Khosrowshahi, Uber CEO.
“Lucid’s unmatched efficiency, autonomy-ready vehicle architectures, and customer-centric approach give us confidence in our ability to deliver autonomous mobility together at global scale.”
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.