Lucid Gravity electric SUV is production ready for late 2024

Lucid Motors has officially announced that the Lucid Gravity SUV program will start production in late 2024. The announcement was made on Monday during the Q1 earning report.

Lucid introduced the Gravity SUV program to the European markets at the Geneva International Motor Show on February 26, 2024. The company is preparing an AMP-1 facility for the Lucid Gravity SUV program with new Stamping, Gravity Body in White, and Powertrain Manufacturing. It will also expand its strategic footprint in the Studio & Service Center.

The premium EV maker concluded the first quarter of 2024 with more than $4.6 billion in cash, cash equivalents, and investments. As of March 31, 2024, it had liquidity of approximately $5.03 billion to provide a “sufficient” runway through the Gravity SUV program’s start of production and into the second quarter of 2025.

Lucid Gravity SUV Production Slated for Late 2024 (Image Credit: Lucid)

Peter Rawlinson, Lucid CEO said that Gravity SUV will give the company a “great scale”. The company is working with supply chain partners to reduce the BOM to impact the economies and reduce production costs.

“What we need is volume and I believe that Gravity is gonna give us volume,” said Rawlinson.

Last month, Lucid announced 1,728 vehicles production and 1,967 vehicles delivered in the first quarter of 2024. The company produced 2,314 vehicles and delivered 1,406 cars in the first quarter of 2023.

Besides Gravity, Lucid has also planned to release a midsize platform by the end of 2026. This new model is expected to be released as a Tesla Model Y competitor (read more here).