Lucid Group, a prominent electric-vehicle maker, has recently announced a significant price reduction on its Air luxury sedans. This strategic move by Lucid aims to intensify its competition with Tesla, the current industry leader in the high-end electric vehicle (EV) segment. With these lowered prices, Lucid is poised to capture a larger share of the market.
New Pricing Details
Lucid (ticker: LCID) has specifically lowered the price of its Air Pure model to $82,400. Additionally, the prices of the Touring and Grand Touring versions have been reduced to $95,000 and $125,600, respectively. It is important to note that these discounted prices will remain in effect until supplies last, as specified by Lucid. Despite requesting additional comments from Lucid (the company's response is pending), no immediate answers have been received.
Previous Pricing and Tesla Comparison
Before this price adjustment, the Pure model began at approximately $87,000, while the Touring model started at around $107,000. The Grand Touring Air sedan was previously priced at roughly $138,000. In comparison, Tesla (TSLA) had also decreased prices on their most expensive models—the Model S and Model X SUV—earlier this year. Currently, Tesla's Model S luxury sedan starts at $88,490 according to their official website.
Market Performance and Future Outlook
In premarket trading on Monday, Lucid shares experienced a modest 0.2% increase, reaching $6.63. However, it is important to note that the stock has witnessed a significant decline of 63% over the past year. While Lucid currently falls short in terms of sales volume compared to Tesla, having delivered only 1,404 vehicles in the second quarter (lower than analysts' expectations), the company is determined to expand its presence in the market. With the substantial backing of Saudi Arabia's Public Investment Fund, which serves as its majority owner, Lucid plans to introduce more affordable vehicles and directly challenge Tesla across various market segments.
Lucid is expected to report its second-quarter earnings after the closing bell on Monday.
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