Lucid Motors is advancing development of a new mid-size vehicle platform, with production slated to begin in late 2026, as it continues scaling output of its second model, the Gravity SUV.
Priced from around $50,000, the new platform will underpin three models expected to compete with Tesla’s Model 3 and Model Y.
Lucid’s Vice-President of Design and Brand, Derek Jenkins, said in an August 2024 interview with CarBuzz that the platform will underpin several models, with a fully electric station wagon being unlikely.
“They’re a dying segment, even in Europe,” Jenkins said, adding, “I don’t see us going out on that limb.”
European rivals have nonetheless invested in the segment. BMW earlier this year launched its i5 Touring electric wagon, with prices starting from €75,000 ($83,500) in Europe, while Chinese carmaker Nio’s ET5 Touring starts at €59,500 ($67,000) in Germany when equipped with a 75kWh battery.
Jenkins told CarBuzz the mid-size programme includes two additional models besides the SUV. “They’re going to be younger vehicles, they’re going to be more athletic vehicles,” he said.
Speaking to Reuters last month, Jenkins confirmed Lucid remains on track to launch the new platform in 2026.
Cantor Fitzgerald analyst Andres Sheppard described the programme as “a meaningful catalyst for the company” in a research note released on Monday, adding that it “should help [Lucid] to scale and improve customer demand.”
Sheppard maintained a Neutral rating on the EV maker, noting Lucid’s ties to Saudi Arabia’s Public Investment Fund and its proprietary technology as differentiators. He said the company’s 2025 production forecast of around 20,000 vehicles was in line with expectations.
The entry-level Gravity SUV, with a starting price of roughly $80,000, is expected to reach the market later this year. “We continue to believe the Gravity will help boost customer demand, particularly given the vehicle performance and more competitive price,” Sheppard wrote.
“We also continue to believe that Lucid vehicles are able to provide higher battery efficiency, longer battery range, better performance, and faster charging (relative to other EVs),” he said.
However, he flagged ongoing challenges, including “persistent high negative gross margin, additional capital needs, a new management team that remains unproven, worsening macro conditions, and tariff uncertainty.”
Lucid saw another high-level departure last Friday with the Head of Investor Relations Maynard Um announcing his departure.
The departure marks the eleventh executive to leave the company since late 2023—or the twelfth if including CEO and CTO Peter Rawlinson, who stepped down in February and transitioned to a strategic advisory role.
