Lucid Motors CEO on Apple car rumors: ‘I welcome the competition’

Lucid Motors CEO Peter Rawlinson on Tuesday suggested CNBC that the electrical automobile newcomer has no drawback facing doable opponents from one among the the most invaluable companies in the arena.

Apple, which instructions a $2.1 trillion valuation, is rumored to be drawn to inserting an electrified automobile on the road.

“I welcome the opponents from a company admire Apple,” Rawlinson said in a “Inflamed Money” interview. “Indirectly, you know, here is a technology escape. Tesla acknowledges that and Lucid acknowledges that, and I feel that’s what differentiates so many of the veteran automobile companies.”

Speculation a number of automobile mission, a so-known as Apple Automotive, has been swirling for years. Stories a number of automobile below pattern or a attainable manufacturing address Hyundai Motor and Kia Motors own in the waste proven to be fruitless to this level.

Might honest composed Apple enter the automobile market, this might perhaps play in a global auto and mobility market that is price roughly $10 trillion, a in truth huge different when put next with the $715 billion smartphone market, in conserving with records from Mordor Intelligence.

Rawlinson suggests there is sufficient dwelling for his company to compete.

“There is always room for new entries, and fabricate no longer … underestimate the [car] market, because that is no longer a marketplace for EVs. There is no such thing as an EV market,” said Rawlinson, beforehand of Tesla. “This shall be a marketplace for vehicles and EVs will penetrate and fully beget that.”

Lucid plans to direct its first automobile, the all-electrical Air luxurious sedan, in the 2d half of the year. The Lucid Air will be available across extra than one effect parts, starting from $69,900 for the Pure model to $161,500 for the Dream Edition.

The Newark, California-basically based manufacturer plans to own an electrical SUV known as Mission Gravity ready by 2023, alongside with other sedans, SUVs and vehicles to be produced in the course of the following decade.

The privately held company launched closing month that it would scramble public through a SPAC, or special reason acquisition company, in what might perhaps perhaps perhaps be the biggest clean-test merger engaging an EV company.

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