Lucid Motors (NASDAQ:LCID) has started delivering their latest offering – the electric Gravity SUV – to customers over the weekend, the company said in a post on X on Tuesday.

What Happened: "This weekend the first Lucid Gravity customers received their vehicles and departed the factory as a convoy," Lucid wrote in a post on X. The post was accompanied by a short video of several customers checking their vehicles before riding out together from the company's factory in Casa Grande, Arizona.

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.

Lucid, which entered the EV market with its premium Air sedan, is looking to expand its total addressable market with the Gravity. Lucid CEO Peter 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."

Why It Matters: The Gravity is expected to rival Tesla Inc.'s 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 1.6% on Monday at $3.15. The stock is down by over 24% year-to-date, according to data from Benzinga Pro.

Lucid has a consensus price target of $5.04 based on the ratings of 14 analysts tracked by Benzinga. While the highest price target of $12 was issued by RF Lafferty on February 23, 2023, the low of $2 was issued by RBC Capital on November 19, 2024.

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Photo courtesy: Lucid