Lucid Motors CEO Peter Rawlinson on Tuesday informed CNBC that the electrical car newcomer has no situation going through potential competitors fro
Lucid Motors CEO Peter Rawlinson on Tuesday informed CNBC that the electrical car newcomer has no situation going through potential competitors from one of many essentially the most precious corporations on the planet.
Apple, which instructions a $2.1 trillion valuation, is rumored to be focused on placing an electrified automotive on the highway.
“I welcome the competitors from an organization like Apple,” Rawlinson stated in a “Mad Cash” interview. “Finally, , it is a expertise race. Tesla acknowledges that and Lucid acknowledges that, and I believe that is what differentiates so most of the conventional automotive corporations.”
Hypothesis a couple of car challenge, a so-called Apple Automobile, has been swirling for years. Studies a couple of automotive beneath improvement or a possible manufacturing take care of Hyundai Motor and Kia Motors have finally confirmed to be fruitless to this point.
Ought to Apple enter the automotive market, it should play in a worldwide auto and mobility market that is value roughly $10 trillion, a considerable alternative in comparison with the $715 billion smartphone market, in line with knowledge from Mordor Intelligence.
Rawlinson suggests there’s sufficient area for his firm to compete.
“There’s all the time room for brand spanking new entries, and do not … underestimate the [car] market, as a result of this is not a marketplace for EVs. There is not any such factor as an EV market,” stated Rawlinson, previously of Tesla. “This can be a marketplace for vehicles and EVs will penetrate and utterly fill that.”
Lucid plans to ship its first automotive, the all-electric Air luxurious sedan, within the second half of the 12 months. The Lucid Air will probably be accessible throughout a number of value factors, starting from $69,900 for the Pure mannequin to $161,500 for the Dream Version.
The Newark, California-based producer plans to have an electrical SUV known as Undertaking Gravity prepared by 2023, together with different sedans, SUVs and autos to be produced throughout the subsequent decade.
The privately held firm introduced final month that it might go public by means of a SPAC, or particular function acquisition firm, in what could be the biggest blank-check merger involving an EV firm.