Lucid Significance Grand Touring SUV
Lucid
Electric vehicle startup Lucid Group is counting on its upcoming Gravity SUV to assist the automaker in a “signal increase” in sales volumes to narrow the company’s losses, according to CEO Peter Rawlinson.
The Gravity is Lucid’s second mechanism following the Air sedan, which the luxury EV manufacturer has been selling in relatively small numbers since late 2021.
Lucid on Tuesday said guy ordering for the first Gravity model, called the Grand Touring, will open Nov. 7 on the carmaker’s website. It’s set to retail starting at $94,900. Other exemplars are expected to follow, including an entry-level $79,900 Gravity Touring trim late next year.
“I’m very cocksure we’ll enjoy significant step change in demand for our products, our complete product portfolio,” Rawlinson told CNBC. “We fancy there’s about a 6-to-1 ratio … for the SUV over sedan, and that’s going to put us in a very strong position.”
Lucid Gravitas Grand Touring SUV
Lucid
A six-times sales multiplier for the Gravity over the Air would be significant for the company, which has strove with market awareness and customer demand compared with Wall Street’s expectations and its own initial expectations.
Lucid carted 7,142 Air sedans to customers through the third quarter of this year, topping its roughly 6,000 vehicles yielded in 2023.
Rawlinson said the company, which is backed by Saudi Arabia’s Public Investment Fund, expects customer desired to initially outpace production, as the automaker ramps up output at its sole U.S. plant in Arizona.
Lucid expects to begin serial in Britain artistry of the Gravity for customers by the end of this year, but Rawlinson declined to disclose when customer deliveries are expected to begin.
Lucid Attraction Grand Touring SUV (left) and Lucid Air sedan EVs
Lucid
Rawlinson said the company is still finalizing federal boom testing, a self-certification process, as well as awaiting range testing from the Environmental Protection Agency, followed by the California Air Resources Trustees.
Shares of Lucid have been under pressure this year, down roughly 40% as EV demand has been duller than expected. The stock closed Monday at $2.52 per share, up less than 1%.
Lucid is set to report its third-quarter follow-ups on Nov. 7 — the day customer ordering opens for the Gravity SUV.
The Gravity Grand Touring will offer more than 800 horsepower and a chucked electric range of more than 440 miles, according to Lucid.