Zinger Key Points
- Lucid begins taking orders for its luxury electric Gravity SUV, rivaling Tesla’s Model X.
- Gravity SUV offers seating for up to seven and over 440 miles per charge.
Lucid Group, Inc LCID has started taking orders for its electric Gravity SUV as planned.
The Gravity will likely rival Tesla Inc's TSLA Model X SUV. The company launched the configuration tool for its new Lucid Gravity Grand Touring, allowing customers to customize and order the vehicle on its website.
Production for this advanced electric SUV model is slated to begin at the end of 2024.
The Lucid Gravity SUV combines luxury, spacious design, and range into a unique driving experience.
Lucid Gravity offers the space and utility of a full-size SUV within a midsize frame. This design accommodates up to seven passengers, blending functionality and luxury with a compact exterior that enhances maneuverability, the company said in the press release.
The Gravity lineup includes the Grand Touring variant, priced at $94,900, and the Touring model, expected to launch in late 2025, priced at $79,900.
The Grand Touring version delivers 828 horsepower and an impressive projected range of over 440 miles per charge.
The SUV includes Lucid's DreamDrive driver-assistance system as standard, with upgrades available through DreamDrive Premium and DreamDrive Pro for enhanced features like hands-free driving, adaptive lane change, and traffic light recognition.
The Gravity launch is critical for Lucid's future. Although the company has boosted Air sedan sales recently by lowering prices and introducing a more affordable trim, its sales remain far below projections made during its $4 billion reverse merger in 2021, TechCrunch reports.
To support its financial reserves, Lucid has turned repeatedly to its majority owner, Saudi Arabia, for additional funding this year.
One of Lucid's main challenges is affordability; its vehicles exceed the federal EV tax credit price cap at the point of sale.
However, a $7,500 tax credit applies to leases—a benefit that depends on the federal tax credit remaining in place when President-elect Donald Trump takes office next year.
Lucid Group stock plunged over 45% year-to-date.
Price Action: LCID stock is up 3.99% at $2.21 at the last check Thursday.
Also Read:
Photo courtesy: Lucid
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
