Lucid bets on Gravity SUV demand as earnings date looms

Lucid’s second electric vehicle, the Gravity SUV, is set to open for customer orders next week, marking a significant point in the company’s growth.

Driving the news: The upcoming SUV will offer a few advantages when it enters production in the coming weeks that may give it an edge over the competition.

• The vehicle boasts a 440-mile range, beating out most electric three-row SUVs, including the Rivian R1S and the Mercedes-Benz EQS. Lucid also promises 200 miles in just 15 minutes of charging.

• Starting at $94,900, the Gravity comes in at roughly the same price as other models in its class. However, it will offer a $79,900 trim beginning in late 2025 that puts it well below competing vehicles, although the company has yet to say how this will affect range.

Zooming in: Lucid needs the Gravity to be a success, even though it has seen a strong increase in sales volume over the last year (up 91% in Q3).

• Shares of Lucid have trended down 40% year-over-year, suffering from sluggish EV demand in the U.S.

• While the brand has already beaten the roughly 6,000 units it delivered in 2023, it remains completely reliant on support from Saudi Arabia’s Public Investment Fund.

• Although it has yet to announce when Gravity deliveries will begin, orders are scheduled to open on November 7, the same day the company reports its Q3 earnings.

Bottom line: It’s encouraging to see an EV brand pull through with a long-awaited model after the recent collapses of competitors like Fisker and Lordstown. However, Lucid’s future depends on strong customer turnout: while the Gravity has advantages over the competition, demand may be stifled by its high price tag and the initial lack of a cheaper trim.

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