Luxury electric vehicle manufacturer Lucid Group (NASDAQ:LCID) unveiled its latest offering on Thursday, a more affordable rear-wheel-drive version of the Air Pure sedan starting at $77,400, aiming to stimulate market demand.
In recent quarters, rising borrowing costs have impacted electric vehicle sales, and a price war initiated by industry giant Tesla has presented challenges for smaller EV manufacturers like Lucid and Rivian Automotive (NASDAQ:RIVN) in their quest for market share.
However, it’s worth noting that Lucid’s new model, while competitively priced, still comes in slightly higher than Tesla’s (NASDAQ:TSLA) Model S luxury sedan, which has a starting price of approximately $75,000.
This budget-friendly electric sedan offers an impressive range of 410 miles on a full charge and is available for immediate purchase, according to Lucid. In contrast, Lucid’s most expensive offering, the Air Sapphire, which also happens to be its fastest vehicle, is priced at $249,000.
To remain competitive and maintain pace with Tesla, Lucid had already reduced the prices of its Air luxury sedans by up to $12,400 in August, despite facing financial challenges and reporting increased losses.
In the second quarter, Lucid reported revenue of $150.9 million, and analysts anticipate it will generate $207.9 million in sales for the third quarter, as reported by LSEG data.
Lucid recently marked a significant milestone by inaugurating its first overseas production factory in Saudi Arabia. As part of a strategic partnership, the Saudi government has committed to purchasing up to 100,000 Lucid vehicles over the next decade, providing a boost to the company’s growth prospects.
Despite these developments, the shares of Lucid have experienced a 19% decrease in value this year, with a 3.6% slip noted in early trading following the announcement of the new Air Pure sedan.
Featured Image: Megapixl
Author Faith Yakubu 
