(Reuters) -Lucid Group on Thursday launched a cheaper variant of its Gravity SUV with a starting price of $79,900, as the luxury electric-vehicle maker seeks to reach a broader audience amid slowing EV sales in United States. The Gravity Touring, offers up to 337 miles of range and seats seven, joining the higher-priced Grand Touring […]
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Lucid launches cheaper variant of Gravity electric SUV to broaden appeal
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(Reuters) -Lucid Group on Thursday launched a cheaper variant of its Gravity SUV with a starting price of $79,900, as the luxury electric-vehicle maker seeks to reach a broader audience amid slowing EV sales in United States.
The Gravity Touring, offers up to 337 miles of range and seats seven, joining the higher-priced Grand Touring variant in Lucid’s SUV lineup.
Orders for the new variant were open on Thursday with some configurations available for immediate delivery.
The model is part of the company’s effort to expand beyond its flagship Air sedan and drive volumes amid waning U.S. EV demand after a $7,500 federal tax credit expired at the end of September.
Lucid in the third quarter reported revenue of $336.6 million that missed estimates and cut its full-year production forecast to about 18,000 units, as supply-chain constraints affect production of the Gravity SUV.
The company, like several automakers, has been grappling with a chip shortage, disrupted supplies of rare earth materials, and fallout from a September fire at one of its aluminum suppliers.
EV makers from Tesla to Rivian have warned of softening demand as the expiry of federal incentives weighs on sales.
(Reporting by Akash Sriram in Bengaluru and Abhirup Roy in San Francisco; Editing by Leroy Leo)