Lucid Group (NASDAQ: LCID) isn't ready to make an electric pickup truck yet to compete with the Tesla Inc (NASDAQ: TSLA) Cybertruck, but hopes its new SUVs can take on the EV leader.
What Happened: A presentation by Lucid CEO Peter Rawlinson Tuesday highlighted the company's upcoming Gravity SUV and a future low-cost SUV crossover.
While the event highlighted what's coming next for the EV company, Rawlinson also told the crowd what's not coming from Lucid.
"I don't want Lucid to start thinking about a pickup," Rawlinson said, as reported by InsideEVs.
Rawlinson said it is tough to "make and electric pickup truck work today," citing demand to tow things being a mileage range killer. The Lucid CEO said it would be tough to create an electric pickup truck that is "usable and cost-effective."
One of the items that Rawlinson hopes stands out with Lucid vehicles over other electric vehicle companies is its mileage range and getting the most miles possible.
"If you want a 300-mile-range pickup, which isn't enough because the thing's got to tow, you're already into a pack size of 120 kilowatt-hours. I think the minimum threshold for a usable pickup is probably 150 kilowatt-hours."
Rawlinson said it's currently impossible to make a pickup truck with the range and towing capabilities consumers want for the $50,000 to $60,000 price range.
While Rawlinson is ruling out a Lucid electric pickup truck in the near term, he said that a major breakthrough in battery technology in the future could help with cost and range concerns.
Why It's Important: Rawlinson's comments less than a year after Tesla released the highly anticipated Cybertruck pickup truck.
The Cybertruck has since become one of the top-selling electric pickup trucks and top-selling electric vehicles for its price points.
Rivian Automotive (NASDAQ: RIVN) also had success with its R1T - the first U.S. electric pickup truck released in 2021.
Tesla and Rivian are now further taking on the traditional automotive market where pickup trucks have been strong annual sellers.
Ford Motor Company (NYSE: F) and General Motor Company (NYSE: GM) also have electric pickup trucks on the market currently.
Ford may have an advantage in the electric pickup truck market with its F-150 Lightning as the F-150 has been the top selling U.S. vehicle annually for many years and the company hopes it can get consumers to switch to the electric version.
While the Cybertruck, R1T and F-150 Lightning are selling well, they come with high costs and in some cases aren't profitable for the manufacturers.
The Lucid Gravity SUV is the company's first SUV. The hope is that it will compete with Tesla SUVs when it goes on sale later this year.
Lucid also shared a quick glimpse of its crossover EV Tuesday. Vehicle production begins in 2026. Starting prices are expected to be under $50,000, further helping Lucid compete with the likes of Tesla.
Price Action: Lucid stock is up 6% to $3.74 on Wednesday versus a 52-week trading range of $2.29 to $6.12. Lucid stock is down 10% year-to-date in 2024.