Luxury electric vehicle manufacturer Lucid Motors has revealed significant price reductions across its model lineup in response to recent price cuts from competitors Tesla and Rivian. The company announced that its flagship sedan, the Lucid Air, will now start at $71,400, down from $78,900, inclusive of a $1,500 delivery fee.
The price adjustments extend to other models as well, with the 2024 Air Touring now priced at $79,400, marking a reduction of $8,000 from its initial price of $87,400. Meanwhile, the Grand Touring model sees a $1,000 drop, starting at $111,400.
See also: Lucid Motors Designer Envisions Hypothetical Electric SUV for Saab Revival
While these reductions aim to address common barriers to purchasing electric vehicles (EVs), it’s noteworthy that the Lucid Air is not eligible for U.S. tax incentives under the Clean Vehicle Credit program, which caps incentives at $55,000 for sedans.
In a move to further incentivize purchases, Lucid is offering a $1,000 allowance towards the purchase of at-home charging accessories to all customers. This pricing adjustment comes amidst similar actions by competitors, with Rivian recently slashing prices for its base models by $3,100 and Tesla offering discounts on certain Model Y variants.
These price cuts by Lucid may reflect the company’s challenges, including missing sales targets in 2023, leading to a dip in share prices. However, there remains optimism within the company, as evidenced by a 33 percent increase in U.S. sales in December 2023 compared to the previous year.
See also: Lucid Aims to Launch Affordable Electric Car, CEO Clarifies Timeline
Looking ahead, Lucid is preparing to launch the Gravity, a luxurious SUV, followed by a smaller crossover to compete with the popular Tesla Model Y. Lucid CEO Peter Rawlinson expressed optimism about the future of EVs, emphasizing the company’s commitment to reducing the impact of climate change through technological advancements.
The price adjustments announced by Lucid Motors underscore the competitive landscape within the EV market and the company’s efforts to remain competitive while continuing to innovate in the sector.
