Lucid Group Inc. (NASDAQ: LCID) announced details of its upcoming midsize electric vehicle platform at an investor day in New York, revealing plans for three new models with starting prices below $50,000.

The first two vehicles in the lineup are the Lucid Cosmos and Lucid Earth, both SUVs designed to extend the company's efficiency technology into higher-volume market segments. The company plans to reveal a third midsize consumer model later.

The new platform features Lucid's Atlas electric drive unit, which uses identical front and rear housings to improve manufacturing efficiency and reduce costs. The company stated that the drive unit extends its efficiency leadership while lowering production expenses.

Lucid disclosed advanced discussions with Uber Technologies Inc. to deploy midsize platform vehicles at a scale similar to its Gravity robotaxi program, with plans to increase deployment over time. "We view Lucid as a key strategic partner as we continue to rapidly deploy autonomous vehicles around the world," said Dara Khosrowshahi, CEO at Uber.

The company also introduced Lunar, a two-seat robotaxi concept based on the midsize platform. The concept remains in development and is designed for autonomous and commercial applications.

"Lucid has already proven its capabilities through technology and product leadership," said Marc Winterhoff, Interim CEO at Lucid. "Today, we're keeping the same Lucid product and technology DNA intact, while applying increased scale, capital efficiency, and cost discipline."

The midsize platform represents Lucid's strategy to achieve profitability through expanded software and mobility revenue streams, manufacturing scale, and material cost reductions. The company emphasized that smaller battery packs enabled by efficiency improvements provide cost advantages, as batteries represent approximately 30-40% of electric vehicle costs.

Information in this article is based on a company press release.