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Lucid CEO takes on Elon Musk after revealing Model Y, Model 3 rivals

Lucid CEO takes on Elon Musk after revealing Model Y, Model 3 rivals

Lucid Motors (NASDAQ: LCID), the US electric vehicle (EV) manufacturer, has witnessed a notable upturn in its stock market performance in the recent period amid growing global demand and strong deliveries in Q1 2023.

The most recent surge can be partly attributed to comments from Lucid CEO Peter Rawlinson in an interview at the end of June, where he exclusively revealed plans for new vehicle launches. Rawlinson also touched upon Lucid’s UK sales and provided further insights into the company’s recent landmark deal with Aston Martin. 

During the interview, the CEO said that after the long-awaited new performance version of Lucid Air, the company intends to launch an SUV called ‘Gravity.’

He said the new car will enter the market in the second half of 2024 with a price tag similar to Air.

The CEO added:

“I think it’s going to be a seminal product – a seven-seat, three-row SUV, super practical.”

The Lucid boss also said that the company intends to launch two new vehicles aimed at competing with Model 3 and Model Y – flagship products of Elon Musk’s EV giant Tesla (NASDAQ: TSLA). The CTO added the cars would cost around $50,000, maybe less.

“After Gravity, we’re going to do [Tesla] Model 3 and Model Y competitors. We think around $50,000, maybe $48,000 – something like that. It’s too early to say, but that’s the vision.”

– Rawlinson said.

 LCID stock analysis

Over the past week, shares of Lucid gained more than 6.1%, surging from $6.14 to $7.45 before the market opened on Monday, July 10. 

LCID 1-week price chart. Source: Finbold

The stock gained around 8% over the past month, while its year-to-date gains stand at below 7%. 

Aston Martin Deal and Saudi Investment

Lucid’s unveiling of new car plans comes just weeks after the EV manufacturer inked a landmark supply deal with UK auto giant Aston Martin. To be more specific, Aston Martin will pay a $232 million technology access fee to Lucid in cash and stock as part of a 3-year deal. 

As a result, Lucid will provide Aston Martin with access to its powertrain and battery technologies. Lucid’s shares rose notably on the reports.

Last month, Lucid also announced it would launch a stock offering through which it planned to raise around $3 billion, almost two-thirds of which will be invested by Saudi Arabia’s Public Investment Fund (PIF). 

The fund, which owns nearly 75% of the EV maker, said it would purchase 265.7 million shares in a private offering for a total of $1.8 billion. 

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