Lucid will produce the unnamed model in Saudi Arabia and focus on making it an efficiency leader
- Lucid confirmed in an earnings release that it is launching a sub-$50,000 midsize SUV in 2026.
- Details are sparse, but Lucid sees this as a mass seller that can bring the brand into more homes.
- The automaker says it has already started building the infrastructure to start production.
Lucid’s CEO Peter Rawlinson confirmed in a phone call that the brand has another iron in the fire, so to speak. From the end of 2026, the company will begin producing an all-electric mid-size SUV at its AMP-2 factory. Perhaps the most interesting aspect of this vehicle is that it will be priced at under $50,000, he says. It could be the vehicle that pushes Lucid into the mainstream.
There’s a lot going on at the all-electric automaker right now. The company just came off a difficult quarter and plans to produce just 9,000 cars this year. At the same time, the company is preparing to start production of its first SUV, the all-electric Gravity, in the fourth quarter. Amid all this, they are preparing to launch this third vehicle in about two years.
Read: Lucid continues to burn cash in Q1 despite narrowing losses
Lucid hasn’t revealed too many details, so we’ll have to wait for a name and specs, but it has revealed the overarching plan. First, it will be based on a new mid-sized platform that could, at least in theory, support more than one model. Second, it will be a volume product that can compete with competitors like the Tesla Model Y Performance and the Cadillac Lyriq. Third, it will start at “around $48,000” and is “on schedule for late 2026 production,” according to Rawlinson.
Rawlinson believes its compact design and efficiency will set it apart from the competition: “I am confident that we can achieve unrivaled levels of efficiency for this crucial mid-range vehicle.” And again, I cannot stress this enough that efficiency is the key to a smaller battery for a given range. And a smaller battery is a key element in reducing costs when producing an electric vehicle. I can’t wait to show you our mid-sized game-changer.”
Specifically, Lucid says production of this mid-sized platform will begin in Saudi Arabia. The AMP-2 plant there is already preparing for this production. At the same time, it’s worth noting that if the car is built there, it wouldn’t be eligible for the electric vehicle tax breaks currently offered in the US.
Could that change after the November election? Sure, but without a guarantee, Lucid may have to offer incentives to make the car competitive with other cars that can benefit from a tax credit.