Lucid Motors has exciting plans to become more affordable in the future. According to Top Speed, the company plans to introduce a $50,000 sedan or SUV (or both) by 2030. The affordable Lucid will be modeled on the Tesla Model Y.

This move is aimed at closing the pricing gap with the Model Y while offering superior specifications. Currently, Lucid’s vehicles offer a range of over 400 miles per charge, significantly surpassing Tesla’s 330-mile range.

However, the higher pricing is an area where Lucid falls behind. A Lucid Air costs approximately $77,000, and the upcoming Lucid Gravity will cost roughly $80,000. Meanwhile, a 2023 Tesla Model Y costs about $47,500.

Due to its higher prices, Lucid Motors has had lower sales than Tesla. Lucid has responded by seeking to lower prices through improved battery technology.

Lucid announced a partnership with Panasonic to build EV batteries in late 2022. Panasonic is the #1 EV battery manufacturer globally, and it was Tesla’s partner during its start-up phase.

Lucid has also formed battery partnerships with Aston Martin, Mercedes, and Chinese automaker Geely.

Lucid CEO Peter Rawlinson discussed Lucid’s battery plans in an interview with ABC News in September. According to Rawlinson, the key to producing a cheaper car is to boost the efficiency of new EVs. More efficient EVs can travel longer distances using smaller battery packs, which ultimately helps to reduce production costs.

Rawlinson expressed Lucid’s aspirations to reach an efficiency rate of 6 miles per kilowatt hour in the future. At present, the Lucid Air luxury sedan achieves 4.74 miles per kilowatt hour.

Rawlinson believes that the future lies in highly efficient cars equipped with 25 kWh batteries that can travel up to 150 miles on a full charge. This would enable EV charging to be about as quick as filling up a gas tank. Rawlinson emphasizes the need for a “top-and-go” approach with EVs, where drivers can get a drink, use the washroom, and resume their journeys in less than 10 minutes.

Image Source: Lucid Motors