Lucid Motors Joins the Gang Taking Aim at Tesla

Electric vehicle (EV) startup Lucid Motors officially unveiled its Lucid Air EV on Wednesday and began taking orders for three of its planned four models. For a refundable deposit of $1,000, customers can reserve a Lucid Air, Lucid Air Touring or Lucid Air Grand Touring. A refundable deposit of $7,500 nabs a reservation for the limited edition Lucid Air Dream Edition.

Last month, Porsche introduced new features for some Taycan Turbo models, including a higher top speed and faster charging. Porsche is one of nine companies offering 12 models competing with Tesla Inc. (NASDAQ: TSLA) in the U.S. market for EVs. Four additional models are expected by the end of this year from three other carmakers.

With the deck stacked 12-to-1 against Tesla, how will the current leader in EVs stand up to the challenge? Especially with another six EV makers, including Lucid, scheduled to introduce new models in 2021?

It’s getting to be a crowded playing field, and Tesla is every other automakers’ target. How can the company withstand the onslaught?

Loup Ventures analyst Gene Munster, an unabashed Tesla bull, has a couple of answers. First, he notes that the COVID-19 pandemic has delayed the introduction of new models (including Lucid) until next year. In Munster’s view, that means that Tesla is likely to have a grip on 70% to 80% of the U.S. EV market by the end of 2021.

Tesla is the only EV maker that has a full line of vehicles in 2020 and still will be by the end of next year. The addition of the Cybertruck in 2021 also works in Tesla’s favor.

Second, according to Munster, the coronavirus pandemic has shifted purchases for all sorts of goods to online buying. Tesla is the undisputed champion at selling vehicles online. This advantage is particularly strong compared to traditional carmakers that have to comply with state laws that require buyers to get quotes or schedule test drives with local dealerships or prohibit online sales altogether.

The following data comes from Loup Ventures. Five of the models due out next year were delayed from 2020 due to the pandemic.

AvailableModelStarting PriceRange (miles)
2020Hyundai Ioniq$33,045170
2020Chevrolet Bolt$36,620259
2020Hyundai Kona$37,190258
2020Tesla Model 3 SR+$37,990250
2020Nissan Leaf S Plus$38,200226
2020Kia Niro EV EX$39,090239
2020BMW i3$44,450153
2020Tesla Model 3 LR$46,990322
2020Tesla Model Y LR$49,990316
2020Jaguar I-Pace$69,850234
2020Audi E-tron$74,800204
2020Tesla Model S LR$74,990402
2020Audi E-tron Sportback$77,400218
2020Tesla Model X LR$79,990351
2020Volvo Polestar 2$59,990275
2020Porsche Taycan 4S$103,800192
2020 (to come)Ford Mustang Mach-E$50,000300
2020 (to come)VW ID.4n/a280
2020 (to come)Kandi K27$17,499100
2020 (to come)Kandi K23$27,499188
2021Mini Cooper Mini EV$29,900110
2021Hyundai Ioniq 5n/an/a
2021Nissan Ariya$40,000300
2021Audi Q4 E-tron$45,000280
2021BMW iNEXTn/a~380
2021Ford F-150 electricn/an/a
2021Tesla Cybertruck Dual$49,900300
2021GMC Hummer EVn/an/a
2021Lordstown Endurance truck$52,500250+
2021Mercedes-Benz EQC$67,900200+
2021Rivian R1T$69,000340
2021Tesla Cybertruck Tri$69,900500
2021Rivian R1S$72,500400
2021Mercedes-Benz EQV~$75,000200-225
2021Mercedes-Benz EQAn/a~200
2021BMW i4n/a270
2021Mercedes-Benz EQSn/a390
2021Lucid Air$100,000+517

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