Lucid Motors Opens Orders for Gravity SUV

Lucid Motors (NASDAQ: LCID), the electric vehicle maker known for its luxury cars, has announced it is opening orders for its much-anticipated Gravity SUV. This marks a significant step in the company's efforts to broaden its market reach.

CEO Peter Rawlinson unveiled that customers could now place orders for the Grand Touring trim of the Gravity SUV, with prices starting at $94,900. This premium model of the vehicle is expected to begin production imminently, showcasing the company’s swift progress from announcement to market.

The Gravity SUV product line will also include a more affordable Touring trim, which is pegged to start at $79,900. However, this lower-priced model is slated for production kickoff in late 2025, which suggests a strategic staggered release of the SUV variants to cater to diverse market segments.

Financially, Lucid Motors appears to be positioning itself strategically in the high-end EV market. The company has expressed confidence in achieving positive margins for both the Lucid Air sedan and the Gravity SUV. As its rivalry with Tesla intensifies, the Gravity SUV specifically targets the market share of Tesla's Model X SUV.

In a bid to challenge Tesla even further, Lucid plans to enter the midsize platform market with a vehicle priced between $48,000 and $50,000 in late 2026. This move places it directly in competition with Tesla's Model 3 and Model Y, broadening Lucid’s appeal to a wider consumer base seeking more affordable EV options.

Lucid's financial performance in the third quarter illustrated a strong trajectory. The company reported a revenue of $200.04 million, which exceeded analyst estimates. Despite incurring a quarterly loss of 28 cents per share, the unveiling of the Gravity SUV and strong revenue figures suggest a bullish future for the carmaker.

While it’s clear that Lucid Motors is rapidly expanding its product line, and pressing ahead to capture more of the EV market, investors and consumers alike are closely monitoring its ability to deliver on production targets and maintain the momentum in a highly competitive sector. As pre-market trading indicates, the announcement of the official opening of orders for the Gravity SUV has excited market watchers, who are now eager to see how the vehicle will perform both on the roads and within the market.