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Lucid Motors CEO Peter Rawlinson on Tuesday informed CNBC that the electrical automobile newcomer has no problem dealing with potential competitors from one of many essentially the most precious firms on the planet.
Apple, which instructions a $2.1 trillion valuation, is rumored to be fascinated about placing an electrified automobile on the street.
“I welcome the competitors from an organization like Apple,” Rawlinson mentioned in a “Mad Cash” interview. “Finally, you recognize, this can be a expertise race. Tesla acknowledges that and Lucid acknowledges that, and I believe that is what differentiates so most of the conventional automobile firms.”
Hypothesis a couple of automobile undertaking, a so-called Apple Automotive, has been swirling for years. Experiences a couple of automobile below improvement or a possible manufacturing cope with Hyundai Motor and Kia Motors have in the end confirmed to be fruitless so far.
Ought to Apple enter the automobile market, it would play in a world auto and mobility market that is value roughly $10 trillion, a considerable alternative in comparison with the $715 billion smartphone market, in keeping with knowledge from Mordor Intelligence.
Rawlinson suggests there’s sufficient house for his firm to compete.
“There’s at all times room for brand spanking new entries, and do not … underestimate the [car] market, as a result of this is not a marketplace for EVs. There is not any such factor as an EV market,” mentioned Rawlinson, previously of Tesla. “This can be a marketplace for vehicles and EVs will penetrate and fully fill that.”
Lucid plans to ship its first automobile, the all-electric Air luxurious sedan, within the second half of the 12 months. The Lucid Air will probably be accessible throughout a number of value factors, starting from $69,900 for the Pure mannequin to $161,500 for the Dream Version.
The Newark, California-based producer plans to have an electrical SUV known as Undertaking Gravity prepared by 2023, together with different sedans, SUVs and automobiles to be produced throughout the subsequent decade.
The privately held firm introduced final month that it will go public by way of a SPAC, or particular goal acquisition firm, in what can be the biggest blank-check merger involving an EV firm.
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