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NEWARK, Calif. - Lucid Group, Inc. (NASDAQ: NASDAQ:LCID), known for its advanced electric vehicles and showing a strong 15% stock gain over the past week, has announced the availability of its new Lucid Gravity Grand Touring SUV for the Canadian market. According to InvestingPro analysis, the company maintains a healthy balance sheet with more cash than debt, though it faces challenges in cash burn rate. The vehicle, which starts at $134,500 CDN, is now open for orders through the company's online configurator.
The Lucid Gravity Grand Touring features dual electric motors, producing 828 horsepower and is projected to offer more than 720 kilometers of range on a single charge. It also boasts a 400 kW fast charging capability and access to the Tesla (NASDAQ:TSLA) Supercharger network, enhancing charging convenience for customers. With a market capitalization of $9.8 billion and a current ratio of 3.71, InvestingPro data shows the company's liquid assets well exceed its short-term obligations.
Lucid's Gravity model lineup will also include the Lucid Gravity Touring, with a starting price of $113,500 CDN, expected to be available in late 2025. Full specifications for this variant will be disclosed at a later date.
The Grand Touring variant can be customized in six exterior colors, including the optional Aurora Green Metallic, and offers several wheel designs ranging from 20 to 23 inches. Five interior themes are available, reflecting the diverse landscapes of California, and the vehicle comes with the Comfort & Convenience Package as standard in Canada.
The SUV's spacious design accommodates up to seven adults and provides nearly 3,400 liters of cargo space. Innovations include a proprietary rear motor drive unit that boosts charging voltage, allowing full compatibility with both 500V and 1000V charging networks and enabling rapid charging rates – adding about 200 miles of range in under 12 minutes.
Lucid's Gravity is positioned as a full-size SUV with the exterior dimensions of a mid-size SUV, aiming to deliver a blend of luxury, performance, and practicality. This announcement is based on a press release statement from Lucid Group.
In other recent news, Lucid Group has experienced significant executive reshuffling and product announcements. The electric vehicle manufacturer recently promoted Emad Dlala to Senior Vice President of Powertrain and appointed Taoufiq Boussaid as the new Chief Financial Officer. These developments are part of Lucid's ongoing efforts to enhance its leadership in the electric vehicle market.
In terms of product news, the company unveiled the Canadian pricing for its upcoming Lucid Gravity SUV, with the base model starting at $113,500 CDN and the higher-end model at $134,500 CDN. The latter model, boasting 828 horsepower and a range exceeding 720 kilometers, will be available for orders soon in Canada.
Lucid also reported its Q4 production and delivery figures, with 3,386 vehicles produced and 3,099 vehicles delivered. Despite these figures surpassing estimates, CFRA analyst Garrett Nelson downgraded Lucid's stock rating from Sell to Strong Sell due to concerns including the company's high cash burn rate and lack of size compared to larger automakers. These are the recent developments in Lucid Group's ongoing journey in the electric vehicle industry.
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