Lucid Motors (NASDAQ:LCID) said on Tuesday that the company has got the official range estimate for its Gravity SUV and it can drive longer on a single charge than its rival Tesla Model X.

What Happened: "It's official: The Lucid Gravity Grand Touring has an EPA-estimated range of up to 450 miles," the company announced in a post on social media platform X. The EPA estimated range exceeds Lucid's own projection of 440 miles. Gravity's rival- the Tesla Model X- has a maximum range of only 329 miles.

However, the Lucid SUV's maximum range is below the maximum range of 512 miles offered on the Grand Touring variant of the company's flagship vehicle- the Air sedan.

Lucid started production of the Gravity SUV at the company's factory in Arizona last week.

Lucid started taking orders for Gravity last month. Orders are now being taken for the Grand Touring trim of the SUV starting from $94,900. Production of the lower-priced Touring trim of the vehicle, starting at $79,900, will start only in late 2025, the company previously said.

Why It Matters: Lucid, which entered the EV market with its premium Air sedan, is looking to expand its total addressable market with Gravity. Rawlinson previously said that with Gravity, the company has now entered a "market that's about 6 times larger than our addressable market last year with Air."

The Gravity is expected to rival Model X SUV which starts at $79,990 for the base version and at $94,990 for the more premium Plaid version.

During Lucid'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.

Lucid is also looking forward to starting production of a high-volume midsized platform priced at around $48,000 in late 2026 as a direct competitor to Tesla's mass-market offerings Model 3 and Model Y.

The company, however, is yet to make a profit. For the third quarter, the EV company reported an adjusted quarterly loss of 28 cents per share.

Price Action: Lucid shares closed down 7.45% on Tuesday at $2.36. The stock is down by about 43% year-to-date, according to data from Benzinga Pro.

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Photo courtesy: Lucid