Lucid CEO Peter Rawlinson: Current EV Market Softening Just a ‘Temporary Blip

Chief Executive of Lucid asserts that the downturn in the electric vehicle sector is just a fleeting setback. Peter Rawlinson is confident that electricity is the way forward for transportation.

During the 2024 Monterey Car Week in California, Rawlinson expressed to The Verge his belief that the current shift towards hybrids is merely a fleeting trend. He criticized the move as misguided, suggesting, "Hybrids represent a compromise that ultimately delivers no real benefit."

Rawlinson's remark was made just days prior to Ford's announcement of discontinuing its electric three-row SUV. Additionally, Ford revealed a change in its approach towards electric vehicles, indicating a greater focus on hybrid models.

In the month of May, the group representing California's new car vendors, the California New Car Dealers Association, published sales data for the first quarter of 2024. Despite a dip in the market share for electric vehicles within the state, the actual sales numbers for EVs increased. This uptick was due to a surge in registrations of new cars, which included a higher number of traditional, non-electric cars as well. In

Car dealerships now offer a wide array of electric vehicles for buyers, yet Rawlinson finds these choices to be uninspiring. This viewpoint is shared by Derek Jenkins, Lucid's head of design and brand.

Lucid has established a significant lead over its rivals when it comes to the efficiency of electric vehicles. The Lucid Air Pure model set to release in 2025 tops the U.S. market in efficiency, boasting a 146 MPGe which translates to 5.0 miles per kWh. In an August LinkedIn post, CEO Peter Rawlinson mentioned that it would be a matter of years before their competitors could match their pace. Rival companies are decelerating and adjusting their strategies towards electrification.

The startup car company introduced its second vehicle, the Gravity SUV, in 2023, with pre-production versions beginning to be manufactured in July. Green Car Reports tested a prototype of the Gravity in May and mentioned that upon its release later in the year, it could surpass several competitors in aspects like layout, style, and handling.

Lucid is in the process of creating a new midsize crossover SUV that's currently known as "Project Midsize." This vehicle, which could compete with Tesla's Model Y, is anticipated to hit the market following the release of Lucid's Gravity SUV.

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