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

Lucid Motors CEO Peter Rawlinson on Tuesday informed CNBC that the electric car newcomer has no difficulty going through opportunity levels of competition from 1 of the the most valuable corporations on the planet.

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

“I welcome the opposition from a company like Apple,” Rawlinson reported in a “Mad Cash” job interview. “In the long run, you know, this is a know-how race. Tesla recognizes that and Lucid recognizes that, and I think that is what differentiates so numerous of the standard vehicle corporations.”

Speculation about a auto task, a so-known as Apple Vehicle, has been swirling for years. Reports about a car less than improvement or a probable generation deal with Hyundai Motor and Kia Motors have in the long run confirmed to be fruitless therefore considerably.

Ought to Apple enter the vehicle marketplace, it will enjoy in a international auto and mobility market that’s really worth around $10 trillion, a substantial possibility as opposed to the $715 billion smartphone market, according to details from Mordor Intelligence.

Rawlinson indicates there is certainly ample space for his enterprise to compete.

“You will find constantly space for new entries, and really don’t … underestimate the [car] market, due to the fact this isn’t a current market for EVs. You can find no such point as an EV market place,” claimed Rawlinson, previously of Tesla. “This is a industry for cars and trucks and EVs will penetrate and absolutely fill that.”

Lucid plans to deliver its initial car, the all-electric powered Air luxurious sedan, in the next half of the 12 months. The Lucid Air will be available across a number of value details, ranging from $69,900 for the Pure product to $161,500 for the Dream Version.

The Newark, California-based mostly maker options to have an electrical SUV known as Job Gravity prepared by 2023, together with other sedans, SUVs and automobiles to be made within the upcoming 10 years.

The privately held company introduced very last month that it would go general public by means of a SPAC, or unique intent acquisition corporation, in what would be the premier blank-check out merger involving an EV organization.