Lucid Group, Inc. has recently entered a new phase as it gears up production for its second vehicle, the Gravity SUV. This latest development was marked by CEO Peter Rawlinson showcasing the SUV in a video within the factory premises, highlighting the company's achievement in bringing the vehicle to the production stage. Describing this event as a crucial milestone, Lucid Group emphasized the collaborative efforts of its team in making the Gravity SUV a reality.
The Gravity SUV is now available for order, starting with the Grand Touring trim at a price point of $94,900. Scheduled to commence production in late 2025, the lower-priced Touring trim will be priced at $79,900. Lucid Group aims to position the Gravity as a direct competitor to Tesla's Model X, which shares a comparable price range of $79,990 for the base model and $94,990 for the premium Plaid trim. CEO Rawlinson has underlined the Gravity's market potential, highlighting that it taps into a segment six times larger than their initial offering, the Air sedan. Notably, Rawlinson has differentiated the Gravity SUV as offering a more conventional three-row SUV experience compared to the "car-like" characteristics of the Model X.
Looking ahead, Lucid Group has outlined plans for a midsized platform expected to hit the market by late 2026, with an estimated price tag of around $48,000. This move positions Lucid to take on Tesla's mass-market products, the Model 3 and Model Y. Despite these endeavors to expand their product lineup, Lucid continues to face financial challenges, reporting an adjusted loss of 28 cents per share for the third quarter of 2024. The company's shares have witnessed a significant decrease of nearly 50% year-to-date, prompting analysts to maintain a consensus "Neutral" rating on the stock with price targets variably ranging from $2 to $12. The average price target based on recent analyst assessments indicates a potential 59% increase from the current trading levels.
As of the time of reporting, Lucid Group, Inc.'s shares were trading higher at $2.255, reflecting a 7.89% increase according to market data from Benzinga Pro.