Electric vehicle startup Lucid Group is banking on its upcoming Gravity SUV to drive a significant increase in sales volume and help narrow the company’s losses, according to CEO Peter Rawlinson. The Gravity is Lucid’s second vehicle, following the Air sedan, and customer ordering for the first Gravity model, the Grand Touring, will open on Nov. 7 with a starting price of $94,900.
Rawlinson is confident that there will be a six-to-one ratio in demand for the SUV over the sedan, putting the company in a strong position. Lucid delivered 7,142 Air sedans through the third quarter of this year, surpassing the previous year’s total. The company expects customer demand to exceed production as they ramp up output at their Arizona plant.
The Gravity Grand Touring will offer over 800 horsepower and a projected range of more than 440 miles. Lucid is still finalizing federal crash testing and range testing by regulatory agencies. Shares of Lucid have been under pressure this year due to slower-than-expected EV demand, with the stock closing at $2.52 per share.
Lucid plans to begin serial production of the Gravity by the end of the year, but the timeline for customer deliveries has not been disclosed. The company is set to report its third-quarter results on Nov. 7, the same day customer ordering opens for the Gravity SUV. Ultimately, Lucid is hopeful that the Gravity will help boost sales and bring the company closer to profitability.
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