Lucid Motors CEO Peter Rawlinson on Tuesday advised CNBC that the electrical car newcomer has no challenge dealing with potential competitors from one of many probably the most helpful firms on the planet.

Apple, which instructions a $2.1 trillion valuation, is rumored to be taken with placing an electrified automotive on the highway.

“I welcome the competitors from an organization like Apple,” Rawlinson mentioned in a “Mad Money” interview. “Finally, you understand, it is a expertise race. Tesla acknowledges that and Lucid acknowledges that, and I believe that is what differentiates so lots of the conventional automotive firms.”

Hypothesis a few car undertaking, a so-called Apple Automobile, has been swirling for years. Experiences a few automotive beneath growth or a possible manufacturing cope with Hyundai Motor and Kia Motors have finally confirmed to be fruitless to this point.

Ought to Apple enter the automotive market, it would play in a world auto and mobility market that is price roughly $10 trillion, a considerable alternative in comparison with the $715 billion smartphone market, in line with information from Mordor Intelligence.

Rawlinson suggests there’s sufficient area for his firm to compete.

“There’s at all times room for brand spanking new entries, and do not … underestimate the [car] market, as a result of this is not a marketplace for EVs. There isn’t any such factor as an EV market,” mentioned Rawlinson, previously of Tesla. “It is a marketplace for vehicles and EVs will penetrate and utterly fill that.”

Lucid plans to ship its first automotive, the all-electric Air luxurious sedan, within the second half of the 12 months. The Lucid Air might be out there throughout a number of worth factors, starting from $69,900 for the Pure mannequin to $161,500 for the Dream Version.

The Newark, California-based producer plans to have an electrical SUV known as Venture Gravity prepared by 2023, together with different sedans, SUVs and autos to be produced throughout the subsequent decade.

The privately held firm introduced final month that it could go public through a SPAC, or particular goal acquisition firm, in what could be the biggest blank-check merger involving an EV firm.