NEWARK, Calif. - Lucid Group, Inc. (NASDAQ: NASDAQ:LCID), known for its advanced electric vehicles and currently trading at $3.04, has unveiled the Canadian pricing for its upcoming Lucid Gravity SUV. According to InvestingPro data, while the company maintains a strong balance sheet with more cash than debt, it faces challenges with rapid cash burn and weak gross profit margins of -132.4%. The base model, Lucid Gravity Touring, will start at $113,500 CDN, while the higher-end Lucid Gravity Grand Touring is set to begin at $134,500 CDN. The latter, boasting 828 horsepower and a range exceeding 720 kilometers, will be available for orders soon in Canada, with the Touring model slated for release in late 2025. With revenue of $730.51 million in the last twelve months and analysts expecting sales growth this year, Lucid aims to strengthen its market position despite current challenges.
CEO Peter Rawlinson highlighted the strong Canadian interest in the Lucid Gravity, praising its versatility, performance, and design tailored to Canadian consumer needs. The Lucid Gravity is designed to maximize functionality and space, accommodating up to seven adults along with their luggage. It features a cargo space of nearly 3400 liters, including a front trunk—or 'frunk'—which optionally houses a seat for two adults when parked.
Lucid's proprietary electric powertrain technology is a cornerstone of the Gravity, with a 123kWh battery pack enabling the impressive range. The vehicle also benefits from an optional three-chamber air suspension system, enhancing ride comfort and handling across various terrains.
The Lucid Gravity will be showcased at the Montreal International Auto Show from January 17 to 26. The company, headquartered in Silicon Valley, is celebrated for the Lucid Air and the new Lucid Gravity, both assembled in Arizona. Lucid's focus on innovation is aimed at advancing electric vehicle technology broadly.
The announced prices include various fees such as the destination fee, documentation fee, and federal air conditioning tax, but exclude additional taxes and levies. The range estimate for the Grand Touring model is based on specific configurations and wheel sizes, with official Natural Resources Canada (NRCan) estimates pending. Factors such as battery age, driving and charging habits, and temperature will influence the actual range.
This pricing announcement is based on a recent press release statement from Lucid Group. For comprehensive analysis of Lucid's financial health and future prospects, including 8 additional exclusive ProTips and detailed valuation metrics, visit InvestingPro. The platform offers a detailed Pro Research Report, transforming complex financial data into actionable insights for informed investment decisions.
In other recent news, Lucid Group has faced a flurry of analyst revisions. CFRA downgraded the stock from Sell to Strong Sell, setting a price target of $1.00, citing concerns about Lucid's high cash burn rate and lack of size compared to larger automakers. Meanwhile, RBC Capital revised its price target due to concerns over licensing value, and Stifel maintained a Hold rating but reduced the price target following Lucid's third-quarter financial performance. In contrast, R.F. Lafferty upgraded Lucid's rating to Buy from Hold, citing cost improvements and volume growth.
Lucid Group reported robust fourth-quarter vehicle production and deliveries, surpassing estimates with 3,386 units produced and 3,099 units delivered. Despite these figures, the company faces profitability challenges, as indicated by its negative gross profit margin of -132.4%. The company is also scheduled to report its fourth-quarter earnings soon.
In other developments, Lucid Group has begun accepting orders for its new Gravity model and expects to start its production soon. Manufacturing of its midsize vehicle platform is slated to begin in 2026. These are among the recent developments that highlight Lucid Group's ongoing efforts to strengthen its market position and operational growth.
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