Lucid is EV tech leader

Lucid CEO Peter Rawlinson says his firm is now the clear leader in EV technology, suggesting "distractions" away from EV manufacturing at industry leader Tesla.

Speaking to US broadcaster Fox News, Rawlinson was in a bullish mood. "I think if we look back in time ten or fifteen years ago, Tesla was the tech leader. I think there is a degree of distraction now," he says.

Rawlinson's comments come as Tesla CEO Elon Musk emerges from a key stockholder vote in favour of his future compensation plan, which Musk may claim vindicates a pivot at Tesla away from making EVs and towards AI and robotics.

"I believe Lucid has taken that mantle. I believe we are a number of years ahead in terms of our core technology," Rawlinson continues. "I announced earlier this week that we had hit a landmark level of capability, that we are hitting the magic five miles/kWh, and no-one else is even close."

But Rawlinson's praise of his firm's 'core' technology appears to refer leadership in the powertrain and battery areas, which, at the premium price point which Lucid demands for its EVs, should be a minimal expectation.

And, despite his fighting talk, Rawlinson acknowledged to analysts at a conference hosted by investment bank Evercore last week is that, while Lucid can claim a "100 mile range advantage" over its competitors, range alone "does not address the fundamental remaining barrier, which is the cost of accessing an EV".

"We can endow a car, with range that costs just $28/mile of range. So, if you wanted 100 miles range with our technology, the pack would cost you $2,700. And if you look at some of the competition, it actually costs as much as $58/mile. There is $30/mile difference," Rawlinson told the Evercore summit.

Rawlinson has claimed on several previous occasions that the wider market does not appreciate "how affordable our core technology is". But his firm has yet to translate any cost advantage on the manufacturing side into less prohibitive prices for potential buyers.

However, Rawlinson says Lucid sees a path to increasing its TAM sixfold with its recently launched Gravity SUV, and outlined to analysts last week that plans for an "affordable mid0szied platform" in 2026 will be key to Lucid unlocking mass appeal.

"That is our Tesla Model 3, Model Y competitor. [We will] get to 30 times the TAM there," Rawlinson says.