Lucid and Tesla are some of the most talked-about electric vehicle companies in recent years. They are both acquiring a sizable chunk of the EV market, with an increase in buyers looking for more sustainable vehicle alternatives than ever before.
Lucid Motors and Tesla Motors: What is the difference?
Although Lucid has stated that it doesn’t seek to compete with Tesla, many people have compared the two. What is the difference? How do they stand out against each other?
Both companies began as start-ups with a focus on creating high-end electric sedans. However, Tesla has the upper hand when it comes to brand awareness. Elon Musk has managed to build a company with a strong network and market Tesla cars in a very unique way.
Is there room in the EV market for both?
Lucid is catching up very quickly, securing sizable investment funds from Saudi Arabia. The capital will enable the company to resurface its US factory plans. In 2017, they announced they were planning on building a factory in the state of Arizona. However, it did not come to fruition due to the company’s inability to secure funds at the time. The new Saudi investment is a game-changer for Lucid, and in addition to kick-starting a small-scale production run, the money might help them get the factory project back on track as well.
Lucid Motors recently announced that it is currently working on new prototypes in their headquarters (Silicon Valley), and they are hoping to start a production run in 2021. Lucid has announced that they are planning on creating cheaper versions of their electric cars somewhere down the line, but they are now focusing on a run of high-end models. The vehicles will arguably be aimed at the luxury market.
The sleek design of the revealed prototypes has made an enormous buzz in the industry, with many people praising the company’s efforts and vision to improve on what brands like Tesla have accomplished in the past. Interestingly, the comparisons between Lucid and Tesla also come from the fact that the two companies share a deeper connection, as well.
Peter Rawlinson, who is currently the CEO and CTO of Lucid Motors, was a former Tesla Engineer. In fact, he was the chief engineer that spearheaded Tesla’s Model S. He took the valuable lessons learned in the development of the latter and sought to improve on the design. For this reason, he is confident that the upcoming electric sedan from Lucid Motors will be a step up in terms of design and performance alike. Expectations are at an all-time high when it comes to this new company. Will Lucid be able to stay true to Rawlinson’s claim?
There’s still a lot to do for Lucid, and it’s still quite early to say for sure, but one thing is already apparent. The electric vehicles market is no longer a “closed doors game,” and more start-ups and established industry brands, are looking to enter this fast-growing niche. Lucid has been the first California-grown company to develop a production run of an electric vehicle after Tesla. Still, Elon Musk’s company is going to have to face a lot of competition, and not just coming from hungry and focused newcomers like Lucid.