Lucid Group (NASDAQ:LCID) CEO Peter Rawlinson on Tuesday shared a short video of him driving the company's very first pre-production Gravity SUV, slated to start production later this year.

What Happened: "...Lucid Gravity moves another step closer to customer's hands. Not all EVs are born equal," Rawlinson wrote in the post.

Rawlinson is seen in the video driving a black Gravity SUV as employees at the company's Arizona factory cheer.

The Gravity SUV was unveiled in November and is expected to start under $80,000, a price point close to Tesla's premium Model X SUV which now starts at about $79,990.

The company is expected to start production of Gravity later this year.

Why It Matters: During the company's first-quarter earnings call in May, the CEO said that Gravity has a "significant opportunity" that the Model X did not capture. While the Model X is a bit car-like, the Gravity is a proper three-row SUV and is on track to become the "world's best SUV," he said.

Currently, Lucid's Air sedan, with a starting price of $69,900, is its only vehicle in production. The vehicle is aimed at a more premium customer base with its Grand Touring and Sapphire versions starting at $110,900 and $249,000, respectively.

After Gravity, the company also intends to start production of a high volume, midsize vehicle in late 2026, which is expected to start at around $48,000, as a direct competitor to Tesla's mass-market offerings Model 3 and Model Y.

In the second quarter of 2024, Lucid delivered 2,394 vehicles, crossing the 2000 benchmark for the first time since the company started deliveries in the fourth quarter of 2021.

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Photo courtesy: Lucid