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

Lucid Motors CEO Peter Rawlinson on Tuesday instructed CNBC that the electrical car newcomer has no difficulty going through potential competitors from one among the the Most worthy firms on the planet.

Apple, which instructions a $2.1 trillion valuation, is rumored to be excited by placing an electrified car on the street.

“I welcome the competition from a company like Apple,” Rawlinson mentioned in a “Mad Money” interview. “Ultimately, you know, this is a technology race. Tesla recognizes that and Lucid recognizes that, and I think that’s what differentiates so many of the traditional car companies.”

Speculation a few car undertaking, a so-called Apple Car, has been swirling for years. Reports a few car beneath growth or a possible manufacturing take care of Hyundai Motor and Kia Motors have in the end confirmed to be fruitless up to now.

Should Apple enter the car market, it would play in a world auto and mobility market that is price roughly $10 trillion, a considerable alternative in comparison with the $715 billion smartphone market, in accordance with information from Mordor Intelligence.

Rawlinson suggests there’s sufficient house for his firm to compete.

“There’s always room for new entries, and don’t … underestimate the [car] market, because this isn’t a market for EVs. There’s no such thing as an EV market,” mentioned Rawlinson, previously of Tesla. “This is a market for cars and EVs will penetrate and completely fill that.”

Lucid plans to ship its first car, the all-electric Air luxurious sedan, in the second half of the 12 months. The Lucid Air will probably be out there throughout a number of value factors, starting from $69,900 for the Pure mannequin to $161,500 for the Dream Edition.

The Newark, California-based producer plans to have an electrical SUV known as Project Gravity prepared by 2023, together with different sedans, SUVs and automobiles to be produced inside the subsequent decade.

The privately held firm introduced final month that it could go public by means of a SPAC, or particular function acquisition firm, in what could be the largest blank-check merger involving an EV firm.

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