Lucid Group Inc (NASDAQ:LCID) shares slipped after the EV startup unveiled the pricing of its all-electric Gravity SUV.
The Lucid Gravity Touring will be priced starting at $79,900, with production expected to start in late 2025, the company revealed on Tuesday.
The Grand Touring trim is priced from $94,900, with production planned for late 2024.
The company did not disclose when it expects to begin deliveries of either model.
Orders will open for customers in the US starting November 7, the same day Lucid will report its latest quarterly earnings, with current Lucid owners to be given priority delivery.
"There is a growing anticipation for Lucid Gravity's unprecedented combination of versatility, performance, design, and all-around capability," Lucid CEO Peter Rawlinson said in a statement.
"This is uniquely enabled through our revolutionary technology. We look forward to bringing the world's most advanced SUV to the world soon."
The CEO also told CNN that it expects to see a “significant step change in demand” for its vehicles, at a ratio of 6-to-1 for the SUV over its sedan.
Lucid delivered 7,142 of its Air sedans in Q3, and roughly 6,000 vehicles in 2023.
Shares of Lucid traded down 2.2% at $2.46 in the early afternoon on Tuesday, having shed more than 40% so far in 2024.