EV maker Lucid Motors LCID opened orders for its Gravity SUV on Thursday, aiming to increase its total addressable market.

What Happened: “Now, today we opened orders for Lucid Gravity and we’ve entered a market that’s about 6 times larger than our addressable market last year with Lucid Air,” company CEO Peter Rawlinson said on Thursday during the company’s third-quarter earnings call.

Orders will initially be 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 said.

The start of production for the Grand Touring trim of the Gravity SUV is expected in a few weeks and the company will announce when it might be able to make its first deliveries “very soon,” the CEO said. The company sees a pathway to positive margin individually on both the Lucid Air sedan and the Gravity SUV, he added.

Some Gravity vehicles might also be shipped to Saudi Arabia next year, the CEO said. However, the company did not provide production or delivery guidance for the vehicle for 2025.

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 between $48,000 and $50,000 in late 2026 as a direct competitor to Tesla’s mass-market offerings Model 3 and Model Y.

Lucid on Thursday reported third-quarter revenue of $200.04 million, beating the consensus estimate of $197.97 million. The EV company reported an adjusted quarterly loss of 28 cents per share, beating analyst estimates for a loss of 30 cents per share.

Price Action: Lucid shares are up by nearly 4.9% in pre-market trading on Friday. The stock closed up 3.9% at $2.21 on Thursday, according to data from Benzinga Pro.

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Photo by Around the World Photos on Shutterstock