Lucid launches cheaper Gravity SUV variant amid slowing EV sales

Investing.com -- Lucid Group introduced a more affordable version of its Gravity SUV on Thursday, with a starting price of $79,900, as the luxury electric vehicle maker seeks to appeal to a wider client base amid a slowdown in U.S. electric vehicle sales.

The new Gravity Touring model offers a range of up to 337 miles and seating for seven passengers. It joins the more expensive Grand Touring variant in Lucid’s SUV lineup.

Orders for the Gravity Touring opened Thursday, with some configurations available for immediate delivery.

This new model is part of Lucid’s strategy to expand beyond its flagship Air sedan and increase sales volumes as U.S. EV demand weakens following the expiration of a $7,500 federal tax credit at the end of September.

In the third quarter, Lucid reported revenue of $336.6 million, which fell short of estimates. The company also reduced its full-year production forecast to approximately 18,000 units, citing supply-chain constraints affecting production of the Gravity SUV.

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