The Lucid Air Pure is the least-expensive model of Lucid’s electrical Air luxurious sedan.
Meghan Reeder | CNBC
Shares of Lucid Group had been decrease in early buying and selling Thursday after the corporate launched a less expensive model of its Air electrical luxurious sedan in a bid to stoke demand.
The inventory was down about 9% as of midday ET on Thursday.
Lucid said it can now provide a single-motor, rear-wheel-drive model of its Air Pure sedan beginning at $77,400 with 410 miles of vary. That is $5,000 decrease than its earlier lowest-cost mannequin, the dual-motor all-wheel-drive model of the Air Pure, which continues to be obtainable.
The brand new single-motor Air Pure is offered for order instantly, Lucid stated.
Lucid’s shares had fallen nearly 19% because the starting of 2023 by Wednesday’s shut as concerns linger about ongoing demand for the Air. Whereas the Air has acquired sturdy evaluations and might declare the longest vary of any electrical automobile at the moment obtainable within the U.S., it is costly, a rising concern as shopper borrowing prices have risen and as rivals together with EV large Tesla have cut prices sharply over the previous a number of months.
The brand new rear-wheel-drive model of the Air Pure is the primary Lucid providing to start out under $80,000. On the excessive finish, the 1,234 horsepower Sapphire model of the Air prices $249,000.
Lucid hasn’t but launched its third-quarter manufacturing and deliveries totals. It is anticipated to report its third-quarter monetary leads to early November.
