Lucid Group
has lowered the prices of its Air luxury sedans. The electric-vehicle maker’s move could sharpen its challenge to industry leader
Tesla
in the high-end EV segment.
Lucid
(ticker: LCID) reduced the price of its Air Pure to $82,400 and cut prices of the Touring and Grand Touring versions to $95,000 and $125,600, respectively. The deal will last so long as supplies last,
Lucid
said. Barron’s asked Lucid for additional comment but didn’t receive an immediate response.
The Pure model previously started at about $87,000, the Touring model at about $107,000, and the Grand Touring Air sedan at about $138,000.
Tesla
(TSLA) cut prices on its own most expensive models—the Model S and Model X SUV—earlier this year. The Model S luxury sedan currently starts at $88,490, according to Tesla’s website.
Lucid shares were up 0.2% in premarket trading Monday at $6.63. The stock has fallen 63% over the last 12 months.
Lucid is a tiny EV producer compared with Tesla, delivering just 1,404 vehicles in the second quarter, less than analysts had expected. However, with the backing of Saudi Arabia’s Public Investment Fund—its majority owner—Lucid is planning to introduce more affordable vehicles and directly challenge Tesla in different parts of the market.
Lucid is scheduled to report second-quarter earnings after the closing bell Monday.
Write to Adam Clark at [email protected]
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