Lucid Group, Inc. (NASDAQ:LCID) saw its shares climb in the premarket session on Tuesday following the release of fourth-quarter production and delivery results and an announcement regarding its upcoming Lucid Gravity Grand Touring SUV.
According to Benzinga Pro, LCID stock has lost over 12% in the past year. Investors can gain exposure to the stock via First Trust NASDAQ Clean Edge Green Energy Index Fund (NASDAQ:QCLN).
In a collaboration with Panasonic Energy, Lucid confirmed that the Gravity Grand Touring will be powered by Panasonic's advanced lithium-ion battery cells, delivering an EPA-estimated range of up to 450 miles. The battery pack is up to 40% smaller than those of competitors.
The Lucid Gravity, with a sophisticated interior offering up to 120 cubic feet of usable cargo space, provides the roominess of a full-size SUV within the footprint of a mid-size vehicle.
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Capable of seating up to seven adults, the Gravity Grand Touring offers 828 horsepower and accelerates from 0 to 60 mph in under 3.5 seconds. These features are made possible by Panasonic's 2170 cylindrical lithium-ion cells, which boast an energy density above 800Wh/L.
Lucid's partnership with Panasonic Energy has been a key driver in the development of its powertrain system, and Panasonic Energy's batteries have already been successfully integrated into Lucid Air Pure. Lucid's vehicles, including the Gravity, rely on Panasonic Energy's technology for fast-charging, safety, and longevity.
Production of the Lucid Gravity Grand Touring officially began in December 2024 at Lucid's Arizona factory.
With a starting price of $94,900, the model is set to make a significant impact on the electric vehicle market.
Additionally, the Lucid Gravity Touring, with a price tag of $79,900, will debut in late 2025.
Yesterday, announced its EV production and delivery totals for the fourth quarter.
Lucid said it produced 3,386 vehicles and delivered 3,099 vehicles for the quarter ended December, a 42% and 78.7% jump, respectively, from a year ago.
For comparison, the company produced 1,805 vehicles and delivered 2,781 vehicles in the third quarter of 2024.
Price Action: LCID shares are trading higher by 2.71% to $3.42 premarket at last check Tuesday.
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