Lucid Group, a luxury sedan manufacturer, has recently reduced the prices of its Air range of vehicles in preparation for the holiday season. This decision comes as the demand for electric vehicles (EVs) has been slowing down and facing tough competition. The overall decrease in demand for EVs can be attributed to high-interest rates. In response, various auto manufacturers, including Tesla, the world’s most valuable automaker, have been lowering their prices.
Tesla, led by Elon Musk, has been lowering its sticker prices multiple times this year to protect its market share from new, more affordable electric vehicle options. This price war among EV manufacturers has forced companies to prioritize sales over profit margins, resulting in a decrease in the average price of EVs to $50,683 in September, according to a report by Cox Automotive.
In line with this trend, Lucid Group has reduced the prices of its Air Touring model from $95,000 to $87,500 and the Grand Touring model by $10,000 to $115,600. Additionally, the price of the all-wheel drive Air Pure has been reduced from $82,400 to $74,900. However, the price of the rear-wheel drive Air Pure remains unchanged at $77,400. Tesla’s closest competitor, the Model S premium sedan, has also seen a price reduction to $74,990.
This is not the first time Lucid has lowered its prices. In August, the company faced financial challenges as it increased its production efforts. However, Lucid has received backing from Saudi Arabia’s Public Investment Fund, providing a much-needed liquidity boost compared to its struggling competitors.
The discounted prices offered by Lucid will be valid until November 30, as stated by the company. Lucid is set to report its third-quarter results on Tuesday.
