What you need to know
- Lucid Motors CEO Peter Rawlinson was on CNBC's 'Mad Money' this week.
- The CEO says that, since the EV market will eventually overtake the entire car market, there is plenty of room for competition from companies like Apple.
Lucid Motors CEO Peter Rawlinson doesn't seem too concerned with the idea of an Apple Car making its way onto the market.
In an interview on CNBC's Mad Money, Rawlinson was asked about his thoughts on a potential electric car from Apple. The CEO said that he welcomed the competition and pointed out that those with the best technology in the car will win out.
"I welcome the competition from a company like Apple," Rawlinson said in a "Mad Money" interview. "Ultimately, you know, this is a technology race. Tesla recognizes that and Lucid recognizes that, and I think that's what differentiates so many of the traditional car companies."
Rawlinson went on to say that electric vehicles will eventually take over the entire car market so there is plenty of room for more companies to exist in that space.
"There's always room for new entries, and don't ... underestimate the [car] market, because this isn't a market for EVs. There's no such thing as an EV market," said Rawlinson, formerly of Tesla. "This is a market for cars and EVs will penetrate and completely fill that."
Rawlinson is the latest car CEO to express confidence despite the impending competition of Apple Car. BMW's CEO made similar comments a couple of weeks ago.
Apple has been long-rumored to be readying its own electric and autonomous vehicle to enter the market. Despite a slew of recent rumors, it is not expected to see a release until at least 2025, according to supply chain experts like Ming-Chi Kuo.
