Lucid Motors on Wednesday unveiled the Lucid Air electric sedan in a web broadcast, its answer to Tesla Inc’s (NASDAQ:TSLA) Model S vehicle.
What Happened: The deliveries of the new electric sedan are slated to begin early spring next year, the Newark, California-based company said in a statement.
“With the Lucid Air, we have created a halo car for the entire industry, one which shows the advancements that are possible by pushing the boundaries of EV technology and performance to new levels,” Lucid CEO Peter Rawlinson said.
“We are building the best car in the world, the numbers simply speak for themselves,” Derek Jenkins, the automaker's vice president of design, added.
The newly unveiled vehicle claims an estimated EPA range of up to 517 miles on a single charge. The sedan can supposedly cover 300 miles in 20 minutes of charging, according to the automaker.
Why It Matters: The Californian automaker’s new sedan touts a quarter-mile time of 9.9 seconds, which beats Tesla’s Model S by 10.4 seconds.
In terms of range, the Model S boasts of a 402-mile range, while Lucid expects its sedan to clock over 500 miles, when it gets EPA-tested later this year.
Lucid faces a significant challenge in terms of price, with the top of the line Dream Edition vehicle priced at $161,500, and the lowest cost-option at $72,500. Tesla’s top Model S variant can be purchased for $94,000.
Price Action: Tesla shares closed nearly 10.9% higher at $366.28 on Wednesday and gained another 2.38% in the after-hours session.
Photo courtesy: Lucid Motors