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.
|Available||Model||Starting Price||Range (miles)|
|2020||Tesla Model 3 SR+||$37,990||250|
|2020||Nissan Leaf S Plus||$38,200||226|
|2020||Kia Niro EV EX||$39,090||239|
|2020||Tesla Model 3 LR||$46,990||322|
|2020||Tesla Model Y LR||$49,990||316|
|2020||Tesla Model S LR||$74,990||402|
|2020||Audi E-tron Sportback||$77,400||218|
|2020||Tesla Model X LR||$79,990||351|
|2020||Volvo Polestar 2||$59,990||275|
|2020||Porsche Taycan 4S||$103,800||192|
|2020 (to come)||Ford Mustang Mach-E||$50,000||300|
|2020 (to come)||VW ID.4||n/a||280|
|2020 (to come)||Kandi K27||$17,499||100|
|2020 (to come)||Kandi K23||$27,499||188|
|2021||Mini Cooper Mini EV||$29,900||110|
|2021||Hyundai Ioniq 5||n/a||n/a|
|2021||Audi Q4 E-tron||$45,000||280|
|2021||Ford F-150 electric||n/a||n/a|
|2021||Tesla Cybertruck Dual||$49,900||300|
|2021||GMC Hummer EV||n/a||n/a|
|2021||Lordstown Endurance truck||$52,500||250+|
|2021||Tesla Cybertruck Tri||$69,900||500|