Lucid Motors Cuts Prices: Up to $12,000 Less on Air Models!
An electric vehicle manufacturer, Lucid Motors, has announced major price reductions on three trim levels of its Air luxury sedan. This comes in response to a competitive EV market sparked by Tesla's earlier price cuts. The company's entry-level Pure, mid-range Touring, and high-end Grand Touring versions have all seen significant price reductions.
The Lucid Air Pure AWD, equipped with 480 horsepower, is now priced at $82,400, down from the original $92,900. An even more affordable variant, the Air Pure RWD, is expected to be $5,000 cheaper, with a starting price of $77,400. The company's online configurator indicates that this model will be available from September 2023.
The Air Touring variant, which boasts 620 horsepower, is now priced at $95,000, down from the previous $107,400, making it another model priced below $100,000. The 1,050-hp Lucid Air Grand Touring also experienced a price reduction, now starting at $125,600, down from $138,000. Lucid has also decreased the destination charge from $1,650 to $1,500 for all models.
These cuts, according to Lucid, are aimed to increase sales, drive demand and capitalize on growing brand awareness. The company added that these revised prices are available as long as supplies last. However, the price for the flagship 1,200-hp Lucid Air Sapphire tri-motor remains unchanged at $249,000.
In addition to these reductions, Lucid announced special lease terms for the three Air models. The Air Pure AWD, Air Touring, and Air Grand Touring are available for $749, $1,149, and $1,399 per month for 36 months, respectively.
The price cuts come in the wake of industry-wide challenges posed by rising raw material costs, supply chain issues due to COVID-19, and fears of recession and inflation. Lucid, like other EV startups, faces a tough challenge in capturing market share amidst competition from established automakers introducing electric models.
Despite a $7,500 federal tax credit under the Inflation Reduction Act benefiting lower-priced models, more expensive models like Lucid's Air are not eligible. This price reduction strategy may prove crucial in attracting customers amidst these challenges. It's noteworthy that Lucid, backed by Saudi Arabia's Public Investment Fund, is projected to announce deepening losses in its second-quarter earnings due to persistent supply-chain issues.
Given the significant decrease in cost, this vehicle is even more fitting as one of this year's Top Premium All-Electric Sedans. Such outstanding quality at an incredible price point truly sets it apart.