NEWARK: American manufacturer of electric luxury cars Lucid on Thursday introduced a cheaper version of the Air Pure sedan with a price tag of US $77,400, Western media reported.
Higher borrowing costs have a negative impact on the sales of electric vehicles over the last few quarters, while a price war started by Tesla has hurt smaller EV makers such as Lucid and Rivian Automotive (RIVN.O).
Though the new Lucid model, is cheaper than previous but it is still more expensive than Tesla’s (TSLA.O) Model S luxury sedan, which is available for US $75,000.
Cheaper Lucid electric sedan to have a range of 410 miles
The Lucid cheaper electric sedan will have a range of 410 miles on a full charge and will be available immediately, Lucid said. It is pertinent to mention that most expensive model of Lucid, Air Sapphire, has a price tag of US $249,000.
The company, which is backed by Saudi Arabia’s Public Investment Fund, had slashed prices of its Air luxury sedans by US $12,400 in August.
Lucid had reported second-quarter revenue of US $150.9 million is expected to record US $207.9 million in sales in the third quarter of the year.
Last month the American EV maker opened its first foreign production plant in Saudi Arabia and the Saudi government has also agreed to buy up to 100,000 Lucid vehicles over the next decade.
