California-based EV maker Lucid Group (NASDAQ:LCID) is looking to expand its total addressable market with a range of offerings at lower price points than its initial Air sedan versions and closer to rivaling Tesla models.
What Happened: Lucid started production of its Air Pure in September with a starting price of $69,900. This is a lower price point than the other versions of the Air Sedan. The Lucid Air Grand Touring, for instance, starts at $109,900, while its Sapphire version starts at $249,000.
The company also plans to start production of its Gravity SUV later this year. Gravity was unveiled in November and is expected to start under $80,000, a price point closer to Tesla’s premium Model X SUV. The Gravity, company CEO Peter Rawlinson said, is on track to become the “world’s best SUV.”
Following the start of production of Gravity, the company also plans to start production of its high volume, midsize vehicle ...