After announcing in August that it would be producing two distinct versions of its upcoming Lucid Air Dream Edition car, California-based American EV manufacturer Lucid Group aims to offer a version of its signature model of electric vehicles in the price range of around $70,000, Arab News reports.
Peter Rawlinson, the CEO of Saudi-backed Lucid Motors, pointed during a presentation at the Future Investment Initiative Forum in Riyadh on Thursday that his is dreaming to get to a pure version of Lucid Air in the $70,000 price point.
After setting out set out the ambitions for his company during the presentation, Rawlinson, who formerly served as VP of Engineering at Tesla, turned to costs to customers noting that the Dream edition car right now is $169,000.
Focusing on the efficiency battle between Lucid and the rival firm Tesla, Rawlinson stressed that the tech race between the companies that adopt and embrace EV technology will define the future, noting that it’s exactly technological prowess that Tesla’s value today of over $1 trillion is based on.
Saudi Arabia’s Public Investment Fund purchased a 67% stake in April 2019, pouring $1 billion into Lucid Motors that, according to US’s EPA ratings standard, has six vehicles with the largest range for electric motors.
As it was announced last month by people familiar with the matter, Lucid is in talks with PIF to build an EV factory in the Kingdom to start producing vehicles by 2024.
Rawlinson underscored that in terms of pre-orders, Saudi Arabia is the second-biggest market for luxury electric car manufacturer Lucid Group. As the world’s biggest oil exporters seeks to reduce planet-warming emissions, the Kingdom announced earlier this week that by 2030, at least 30% percent of cars in its capital would be EVs.