Lucid to open orders for Gravity electric SUV next week

(Reuters) - Electric-vehicle maker Lucid Group said on Tuesday it will open orders for its Gravity SUV on Nov. 7, as it looks to drum up demand and attract a wider swathe of customers.

The move comes on the heels of a successful fundraising round as Lucid looks to expand its product lineup to compete with established players like Tesla.

The Grand Touring variant of the Gravity will start at $94,900 and goes into production later this year, while the Touring variant will follow in late 2025 with a starting price of $79,900.

Current Lucid owners will be given priority for deliveries of the Gravity, the company said.

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

"We're at a sort of capital intensive stage where we're launching the Gravity, we're paying for suppliers' tooling and also ramping up our inventory of parts to produce that," CEO Peter Rawlinson said last week.

The company has also planned to start production of a more affordable mid-size car in late-2026 to rival Tesla's Model Y crossover.

(Reporting by Akash Sriram in Bengaluru; Editing by Shailesh Kuber)

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