Lucid Gravity Grand Touring SUV
Lucid
Electrical automobile startup Lucid Group is relying on its upcoming Gravity SUV to help the automaker in a “important enhance” in gross sales volumes to slim the corporate’s losses, based on CEO Peter Rawlinson.
The Gravity is Lucid’s second automobile following the Air sedan, which the posh EV producer has been promoting in comparatively small numbers since late 2021.
Lucid on Tuesday mentioned buyer ordering for the primary Gravity mannequin, known as the Grand Touring, will open Nov. 7 on the carmaker’s web site. It is set to retail beginning at $94,900. Different fashions are anticipated to observe, together with an entry-level $79,900 Gravity Touring trim late subsequent yr.
“I am very assured we’ll get pleasure from important step change in demand for our merchandise, our full product portfolio,” Rawlinson instructed CNBC. “We consider there’s a few 6-to-1 ratio … for the SUV over sedan, and that is going to place us in a really sturdy place.”
Lucid Gravity Grand Touring SUV
Lucid
A six-times gross sales multiplier for the Gravity over the Air can be important for the corporate, which has struggled with market consciousness and buyer demand in contrast with Wall Street’s expectations and its personal preliminary expectations.
Lucid delivered 7,142 Air sedans to clients via the third quarter of this yr, topping its roughly 6,000 automobiles delivered in 2023.
Rawlinson mentioned the corporate, which is backed by Saudi Arabia’s Public Investment Fund, expects buyer demand to initially outpace manufacturing, because the automaker ramps up output at its sole U.S. plant in Arizona.
Lucid expects to start serial manufacturing of the Gravity for patrons by the tip of this yr, however Rawlinson declined to reveal when buyer deliveries are anticipated to start.
Lucid Gravity Grand Touring SUV (left) and Lucid Air sedan EVs
Lucid
Rawlinson mentioned the corporate continues to be finalizing federal crash testing, a self-certification course of, in addition to awaiting vary testing from the Environmental Safety Company, adopted by the California Air Sources Board.
Shares of Lucid have been below strain this yr, down roughly 40% as EV demand has been slower than anticipated. The inventory closed Monday at $2.52 per share, up lower than 1%.
Lucid is about to report its third-quarter outcomes on Nov. 7 — the day buyer ordering opens for the Gravity SUV.