From CNBC: 2024-10-29 09:08:36

Electric vehicle startup Lucid Group is banking on its upcoming Gravity SUV to boost sales and narrow losses. The Grand Touring model will retail for $94,900, with an entry-level trim expected next year. CEO Rawlinson predicts a 6-to-1 demand ratio for SUVs over sedans, positioning Lucid strongly in the market.

With a six-times sales multiplier expected for the Gravity SUV over the Air sedan, Lucid aims to exceed Wall Street and internal expectations. The company delivered 7,142 Air sedans in Q3, surpassing 2023 figures. Demand is projected to outstrip production as Lucid gears up its Arizona plant.

Backed by Saudi Arabia’s Public Investment Fund, Lucid anticipates production of the Gravity by year-end. However, specific delivery timelines remain undisclosed. Crash testing and EPA range testing are pending, with shares down 40% amid slower EV demand. The Gravity Grand Touring boasts 800+ horsepower and a 440+ mile range.



Read more at CNBC: Lucid has high hopes for new Gravity SUV as customer orders open