A luxurious car to be created by the company, creating a nimbus around the brand, and then expanding into the mass market.
The Lucid Motors Chief Executive Officer, Peter Rawlinson notified Reuters on Tuesday about their upcoming plans.
He claims to increase its market capitalization by $56 billion- before the regular production of their first model begins. He also exclaimed about the major financial challenge of scaling up the production of the mass automobile.
He also said, “To make a smaller car requires more capital because you need a bigger factory and more automation.”
But according to the expert advice, it may be too late for Lucid to launch this affordable model as there are already some models which are launching in the coming time by many challenging companies.
Also, the production of the new model by Lucid might start around the end of the year but they have a promising approach and expectations from their model. Rawlinson also told that the carmakers are expecting a less expensive production - a $70,000 version of a luxury Sedan in 2022, followed by a new sport utility vehicle code- Project Gravity in 2023.