Lucid Group Inc. (LCID) CEO Peter Rawlinson believes Tesla Inc’s new 4680-type cylindrical cell format is not a “huge breakthrough,” IEEE spectrum reported, citing the executive.
What Happened
Rawlinson believes that the larger format and new design have some advantages but it is more a “triumph of packaging” due to its tightly packed “jelly rolls” that allow more active cell material versus its surrounding casing, rather than a chemistry breakthrough.The former Tesla employee said the benefits include reduced internal resistance and higher energy density and that’s a “valuable step forward.”
Lucid uses the 2170-type cylindrical cells that are also found in Tesla’s Model 3s and Model Ys.
Tesla revealed the 4680-type battery last year at its Battery Day event and has claimed the pack will allow it to increase capacity and range by 30 percent without new chemistry.
On Affordable EVs
Rawlinson sees EVs becoming more affordable in the future with prices coming down to $25,000 levels with ample charging opportunities everywhere. The Lucid CEO believes EVs will have less range 50–60 years from now as there will be less dependence on public charging networks.Why It Matters
Lucid is among a dozen electric vehicle startups that have taken the SPAC route to go public. Rawlinson, who was previously chief engineer on Tesla’s Model S, sees the Elon Musk-led electric vehicle company as Lucid’s primary competitor.Lucid expects to deliver 20,000 Lucid Air sedans in 2022 and churn $2.22 billion in sales.
By 2025, the company expects to ramp up deliveries to 135,000 vehicles and generate more than $13.98 billion in revenue. By then, the company expects to have introduced electric sports utility vehicles and other models in its lineup.
Lucid has forecast a run-rate production of over 500,000 units by 2030.
Price Action
LCID shares closed 12.61 percent higher at $41.80 a share on Friday.By Rachit Vats
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