Luxury EV maker Lucid Motors' (NASDAQ: LCID) CEO provided an update on its limited-production Air Sapphire and upcoming Gravity SUV in the company's second-quarter earnings call on Monday.
The Sapphire: Lucid will start production of the Sapphire in September and start customer deliveries in October, CEO Peter Rawlinson said. Preproduction of the vehicle has commenced already.
Late last month, Lucid shared a picture of a Sapphire's release candidate car on the line in Casa Grande, Arizona. "The world's first luxury electric super-sports sedan will be available soon," the company wrote in a post, raising anticipation for the vehicle whose delivery was planned for the first half of this year.
The Sapphire can deliver over 1,200 horsepower with its three-motor powertrain. It can also deliver an acceleration of 0-60 mph in 1.89 seconds and 0-100 mph in 3.84 seconds.
But Rawlinson said, "While I think the power and the performance is impressive, I can only begin to tell you how immensely delightful and responsive Sapphire is just to drive normally, even when you choose to exploit a mere fraction of the performance. This, to me, is one of its most surprising, engaging, even endearing attributes."
The vehicle will be available in the U.S. and Canada at $249,000 USD and $325,000 CAD, respectively.
The Gravity SUV: The company also plans to formally unveil the Lucid Gravity luxury SUV at a special launch event in November. The vehicle- which the company expects will change the world of SUVs- is expected to start production in late 2024.
When asked about the price range of the Gravity, Rawlinson said, "Well, we've indicated for some time now to anticipate prices very similar to the sort of price structure that you get with Lucid Air. But we're not in a position today to disclose those prices."
Company CFO Sherry House clarified that the company sees no immediate need to raise capital for any of these upcoming plans. The company ended the quarter with total liquidity of approximately $6.25 billion. "We expect this will give us runway through the start of production of Gravity and into 2025," the CFO said.