EV maker Lucid Motors LCID opened orders for its Gravity SUV on Thursday, aiming to extend its complete addressable market.
What Occurred: “Now, right this moment we opened orders for Lucid Gravity and we’ve entered a market that’s about 6 instances bigger than our addressable market final yr with Lucid Air,” firm CEO Peter Rawlinson stated on Thursday throughout the firm’s third-quarter earnings name.
Orders will initially be taken for the Grand Touring trim of the SUV ranging from $94,900. Manufacturing of the lower-priced Touring trim of the automobile, beginning at $79,900, will begin solely in late 2025, the corporate stated.
The beginning of manufacturing for the Grand Touring trim of the Gravity SUV is anticipated in a couple of weeks and the corporate will announce when it would be capable of make its first deliveries “very quickly,” the CEO stated. The corporate sees a pathway to constructive margin individually on each the Lucid Air sedan and the Gravity SUV, he added.
Some Gravity autos may additionally be shipped to Saudi Arabia subsequent yr, the CEO stated. Nonetheless, the corporate didn’t present manufacturing or supply steerage for the automobile for 2025.
Why It Issues: The Gravity is anticipated to rival Tesla Inc.’s Mannequin X SUV which begins at $79,990 for the bottom model and at $94,990 for the extra premium Plaid model. Throughout Lucid’s first-quarter earnings name in Could, the CEO stated that Gravity has a “important alternative” that the Mannequin X didn’t seize. Whereas the Mannequin X is a bit car-like, the Gravity is a correct three-row SUV and is on monitor to turn into the “world’s greatest SUV,” he stated.
Lucid can also be trying ahead to beginning manufacturing of a high-volume midsized platform priced between $48,000 and $50,000 in late 2026 as a direct competitor to Tesla’s mass-market choices Mannequin 3 and Mannequin Y.
Lucid on Thursday reported third-quarter income of $200.04 million, beating the consensus estimate of $197.97 million. The EV firm reported an adjusted quarterly lack of 28 cents per share, beating analyst estimates for a lack of 30 cents per share.
Worth Motion: Lucid shares are up by practically 4.9% in pre-market buying and selling on Friday. The inventory closed up 3.9% at $2.21 on Thursday, based on knowledge from Benzinga Professional.
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