Lucid Group to Open Orders for Gravity SUV

(Reuters) – Electric-vehicle maker Lucid Group (NASDAQ:LCID) announced on Tuesday that it will begin accepting orders for its Gravity SUV on November 7. This initiative aims to increase demand and appeal to a broader range of customers.

This announcement follows a successful fundraising round, as Lucid seeks to expand its product lineup to effectively compete with established players like Tesla (NASDAQ:TSLA).

The Grand Touring variant of the Gravity SUV will have a starting price of $94,900 and is set to go into production later this year. The Touring variant will launch in late 2025 at a starting price of $79,900.

Current Lucid owners will have priority for deliveries of the Gravity, according to the company.

Earlier this month, Lucid raised nearly $1.75 billion through stock sales and a private placement with an affiliate of its largest shareholder, Saudi Arabia's Public Investment Fund.

CEO Peter Rawlinson stated, "We're at a sort of capital-intensive stage where we're launching the Gravity, paying for suppliers' tooling, and ramping up our inventory of parts for production."

Additionally, the company plans to start production of a more affordable mid-size car in late 2026, aimed at competing with Tesla's Model Y crossover.