Lucid ended 2023 on a low, with fourth-quarter sales dropping to just 6,001 vehicles and and a significant 60% decline in stock price over the last 12 months. However, the company is kicking off 2024 on a positive note by revealing plans for the second phase of expansion at its Arizona plant and teasing a new, high-volume electric vehicle. This move aims to capture the attention and confidence of investors in the electric vehicle market.
During the event, Lucid CEO Peter Rawlinson revealed that the company’s production expansion was not solely for the newly introduced Gravity SUV. Lucid is actively developing its next lineup of vehicles, which will be built on a smaller and more cost-effective platform. As a teaser, they unveiled a photo of a mid-size (or compact luxury, if you prefer) SUV hidden under a veil.
“Allow me to give you a sneak peek at something else that’s coming just in a few years, which is really the big one and this is our Project Midsize,” said Rawlinson. “This is going to be a more affordable Lucid which is going to have much wider appeal, much higher volume.”
Rawlinson added that the new model isn’t a theoretical part of a long-term plan, as the automaker is already hard at work developing it. He explained that he has been looking over his engineering team’s work, and that the design team is refining the EV’s look.
The new crossover will be designed to compete directly with the Tesla Model Y as well as the Model 3, and will have ambitions to sell in greater numbers than the luxurious Lucid Air, which has a starting price of $74,500.
Read: Lucid Shares Sink To All-Time Low After Poor Q4 Results And Inflation Worries
According to a post on X, formerly Twitter, from Sawyer Merritt, Rawlinson said that the midsize SUV will also be built will be manufactured at Lucid’s plant in Saudi Arabia. The factory can currently make 5,000 Air sedans per year, but Lucid hopes to expand that to 150,000 vehicles per year. Unfortunately, it remains unclear when that expansion will happen, and when the midsize vehicle will be revealed. However, it will be interesting to see if the vehicle can prop the company up like the Model 3 and Y do for Tesla.