Lucid (NASDAQ:LCID) stock is in the spotlight after the company debuted a new edition of its Lucid Air sedan.
The model, called the Lucid Air Grand Touring Performance, will start at $179,000 and come with an estimated range of 446 miles per full charge. In addition, the Grand Touring will use a 900-volt charging system. When used in conjunction with a 350-kilowatt direct current (DC) fast charger, the EV can support 300 miles of range in only 21 minutes. Deliveries for the Grand Touring Performance are expected to begin in June for the U.S. and in August for Canada.
Lucid also announced that it had begun customer deliveries for the Lucid Air Grand Touring. The vehicle is rated at 819 horsepower and can accelerate from 0-60 miles per hour (MPH) in three seconds. Furthermore, the EV starts at a price tag of $140,500.
The news of the new Air edition comes about a month after Lucid lowered its 2022 production guidance from 20,000 vehicles to between 12,000 and 14,000 vehicles. The company also delayed production of its Gravity SUV from late 2023 to the first half of 2024.
Why Is LCID Stock in the Spotlight Today?
Lucid calls the Air Grand Touring Performance “the most powerful electric vehicle currently available in North America.” Additionally, Lucid will develop the entirety of the vehicle in-house, including the battery and motors. As a result, the EV company was able to develop the Grand Touring Performance in a short period of time.
CEO Peter Rawlinson lauded the company’s production capabilities, stating that:
“Lucid Air Grand Touring Performance answers the strong demand we continue to see for higher-performance versions of the Lucid Air. The remarkable speed with which we are able to conceive and bring this model to market is possible only because of Lucid’s high degree of vertical integration and in-house production of our proprietary EV powertrain and battery pack technology.”
The Grand Touring models will be Lucid’s first production series since the Lucid Air Dream Edition. Lucid only produced 520 units of the Dream Edition, and they quickly sold out upon release.
Lucid may be taking a page out of Tesla’s (NASDAQ:TSLA) playbook by first selling high-priced luxury vehicles to fund cheaper vehicles in the future. The Grand Touring Performance seeks to compete with Tesla’s Model S and Model S Plaid. The Model S starts at $99,990, while the Model S Plaid starts at $135,990.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.