Lucid unveils plans for ‘world’s best SUV’ set to launch in 2024 with 7-seater EV to reach speeds of 60 mph in 3 seconds
EV startup Lucid Motors has confirmed that a new electric SUV is set to enter the US market by the end of 2024.
The Lucid Gravity SUV, revealed for US audiences at The LA Auto show in November 2023, is expected to become the brand's flagship car.
"We believe Gravity is on track to become the best SUV in the world," the company's CEO, Peter Rawlinson, said in an earnings call on May 6.
The company confirmed the SUV's production will start in "late 2024."
In early 2024, Lucid only produces one vehicle, the Air sedan.
The sedan is a performance-based vehicle with blazing track speeds and 500-mile-range options.
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It also has some of the fastest charging times in the EV market.
The Gravity SUV is expected to have a battery pack with similar range figures to the company's Air sedans.
Lucid predicts more than 400 miles of range, a zero to 60 mph speed around 3.3 seconds, and world-class interior space.
Models are expected to sell around $80,000 to $220,000.
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The shift to electric SUVs marks an important transition for the Lucid brand.
American car shoppers are more likely to buy SUVs than any other body type.
Without revealing too many details, the company said drivers can expect a "mid-size model."
The car is expected to reach American showrooms in late 2026.
Lucid also posted some record deliveries of the Air in the first quarter of 2024, up to 1,967 vehicles.
The company said it saw a 39% increase in deliveries compared to the start of 2023.
It's the best quarter for deliveries for the luxury EV maker.
Electric vehicles vs gas
Pros and cons of EVs vs gasoline-powered vehicles
EV PROS:
- Convenient (when charging at home)
- Cheaper (depending on state or city)
- Cheaper maintenance, due to lack of mechanical parts
- Great for commuting
- Reduced CO2 emissions
- Federal and state tax incentives
- More performance (speed, handling - depending on the make and model)
EV CONS:
- Higher initial cost
- Higher insurance rates
- More frequent tire and brake replacement intervals
- Higher curb weight (thus causing more rapid wear on crucial parts)
- Low resale value
- High depreciation rates
- Lack of charging infrastructure
- Unreliable public charging (related: slow charging times)
- Poor winter and summer performance
- Lack of clean energy alternatives means more "dirty energy" from coal and nuclear sources
- Range anxiety
GAS PROS:
- Highly developed refueling infrastructure
- Fast refueling
- Cheaper insurance rates, depending on make, model, and configuration
- Established repair industry
- Lower initial cost
- Higher range before refueling, especially with hybrids
- Many manufacturers produce nearly emission-less engines
- Cheaper refueling, depending on the location
GAS PROS:
- Finite resource (related: heavy dependence on petroleum)
- Carbon emissions/greenhouse gases
- Higher repair costs
- Higher insurance rates, depending on make, model, and configuration
- Varying costs at the pump, depending on state, city, and county
Source: Car & Driver, Perch Energy, AutoWeek
However, the company still said it has considerable financial challenges in the future.
The company said it expects to produce 9,000 units by the end of the year.
Comparatively, Tesla makes 5,000 vehicles per day.
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To drive production scale, the company has spent top-dollar on manufacturing facilities in the US.
The company expects to spend $1.5 billion this year as it attempts to ramp up manufacturing.