Lucid Motors Announces Affordable Midsize SUV for 2026

Lucid Motors, known for its premium electric vehicles (EVs), is set to introduce its third model—a midsize SUV—with a notably lower price tag in 2026. CEO Peter Rawlinson supostamente confirmed the plan during the company’s recent first-quarter investor call, highlighting that the new SUV will be produced in Saudi Arabia and is expected to become a high-volume seller.

A Strategic Expansion for Lucid Motors

The upcoming midsize SUV from Lucid Motors marks a significant pivot in the company’s approach to the EV market. Positioned to be more affordable, with a starting price around $48,000, this model diverges from its predecessors—the Lucid Air and the soon-to-launch Lucid Gravity—which are positioned in the higher end of the market. The introduction of this SUV aligns with Lucid’s need to stabilize its financial standing and expand its market share by targeting a broader customer base.

Building in Saudi Arabia

The decision to build the new SUV in Saudi Arabia is strategic. The country’s Public Investment Fund, a major investor in Lucid, supports this move, which is expected to leverage local manufacturing benefits and perhaps, foster favorable market conditions for Lucid in the Middle East.

Price as a Game Changer

CEO Peter Rawlinson emphasized the importance of efficiency in manufacturing the new EV, stating, “I’m confident that we can achieve unrivaled levels of efficiency for this crucial mid-size-class vehicle.” He attributes the anticipated affordability to innovations that allow for smaller, less costly batteries without sacrificing range and performance. If Lucid can maintain the announced price point, it could significantly disrupt the market, much like Tesla aimed to do with its Cybertruck.

Challenges Ahead

Despite the promising outlook for the new model, Lucid continues to face significant challenges. The company reported a loss of $685 million last quarter and has struggled to build demand for its expensive models. However, the launch of the full-size Gravity SUV later this year and the new, more accessible midsize SUV could potentially turn the tide for Lucid by appealing to a more cost-conscious segment of consumers.

As 2026 approaches, all eyes will be on Lucid Motors to deliver on its promises of an affordable, high-volume midsize SUV. With a strategic production location and a sharp focus on cost efficiency, Lucid aims to capture a wider audience, stabilize its financials, and assert itself as a formidable player in the global EV market. The success of this endeavor could very well determine the company’s fate in the competitive automotive landscape.