The least expensive car of Lucid Motors ranges from $77,400. Considering that the company’s product is a positive customer value due to its sustainability and luxuriousness, the prices are lower, making it worth the customer’s money. Lucid Motors should continue balancing their price along with their quality of their product. This will allow their consumers and profits to grow at a positive rate.
The company aims to produce electric cars that are better than those that are already in the market. Through achieving this, it will help the electric industry progress forward towards adopting sustainable mobility. The goal of producing electric cars is to achieve SDGs’ goals, which is zero emissions; other than that; it aims at attracting new customers. Lucid has already begun working on designing an SUV that will be on the same platform as Air Sedan. Air Sedan is designed to use lithium-ion battery packs of 100kilowatt, giving it a range of 400 miles. The company’s first product is the Lucid Air, a luxurious sedan that features a design inspired by California. The car can go a range of over 400 miles and 0.60mh in less than 2.5 seconds. In addition to this, the vehicle has a very luxurious interior design in a mid-size exterior footprint. Lucid Motors should continue their focus on improving production and distribution because their consumers prefer the best quality and features.
The company, Lucid Motors, is an electric startup situated in California. It also has 23 Lucid studios and service centers in the US, including Beverly Hills, San Jose, Miami, West Palm Beach, and New York, among other places (Motavalli, 2020). These studios have an aesthetic inspired by California, where a customer can explore Lucid Air’s advanced technology in a natural atmosphere with sustainable materials. Moreover, the company’s studios are engaging spaces designed to stir up conversations and provide knowledge on the vehicles’ performance. Lucid Motors also has an online platform that allows customers to make their queries online if they are unable to visit the studio in person.
Among the marketing communication (promotion) strategies used by Lucid Motors is advertising. The company has achieved this through the use of social media as well as magazines. Through this, Lucid Motors has made itself known to potential customers in its targeted markets. Thus, enabling it to gain a wide range of customer base. The firm should focus more on the selling concept to broaden their consumer scale by investing more money into marketing.
Lucid Motors is recognized as the best at supplying batteries to race cars. The company made an extra step in developing battery packs to be used in the formula E races (Tian, 2019). This has enabled the racers to compete without changing the cars. Additionally, Lucid has developed a vehicle that is higher than most electric vehicles. Lucid Air has a driving range of 517 miles. Lucid Motors have also made sure that their vehicles are classy to give it a feel of prestige, and on top of this, they are spacious with a front trunk being ten cubic feet. The firm can use this strength to their advantage and use it as a unique value proposition towards consumers.
Being a new company in the market, it will face a lot of competition, hence this can trigger slow growth. The company can use this weakness and turn it into their strength. As being the new company in the market, they will see every other company’s past successes and hardships. This will allow Lucid Motors to follow a path, and give consumers a better option.
The company can expand into an untapped market in the future since it is currently located in North America steps. Lucid has the opportunity to produce less expensive cars that have high performance. The company also has a chance to develop unique and better cars than what is in the market.
The company is starting up, and there are already established companies that are recognized, among them being Tesla. Tesla is a huge threat to the success of lucid as they will have to come up with unique cars that outperform Tesla cars. Another threat that can affect Lucid Motors is the lack of regulations for self-driving. There are no proper regulations for self-driving for several countries, including the US. Since the company produces automated cars, this may be a threat because it increases the uncertainty of the company’s future.
Schubarth, C. (2020). Lucid Motors prices its cheapest EV, prompting Elon Musk taunts and Tesla price cuts. Silicon Valley Business Journal.
Tian, R. (2019, October). Lucid Fabrication. In The Adjunct Publication of the 32nd Annual ACM Symposium on User Interface Software and Technology (pp. 170-173).
Motavalli, J. (2020, January 27). EV Startup Lucid Motors Goes for the Brand Experience. Retrieved from https://www.mediavillage.com/article/ev-startup-lucid-motors-goes-for-the-brand-experience/