Lucid Group has introduced a more affordable version of its Air electric luxury sedan in an attempt to boost demand. The new single-motor, rear-wheel-drive model called Air Pure starts at $77,400, making it $5,000 cheaper than Lucid’s previous lowest-cost version. Despite positive reviews and the car’s long range, Lucid has struggled with demand for the expensive luxury sedan. The introduction of the Air Pure aims to address this concern and attract more customers who are looking for a more affordable electric vehicle option.
The announcement of the Air Pure has impacted Lucid’s stock, which was down by about 8% in early trading on Thursday. This decline reflects the ongoing worries about demand for the Air and the company’s ability to attract customers in a highly competitive market. While Lucid’s electric vehicles have been well-regarded, the high price point has become a growing concern, especially as competitors like Tesla have significantly reduced prices in recent months. Consumer borrowing costs have also risen, making affordability an important factor for potential buyers.
The Air Pure is now available for order and offers 410 miles of range. This new entry-level option allows Lucid to compete in a lower price range, as it is the first offering from the company that starts below $80,000. The introduction of the Air Pure and its more accessible pricing is a strategic move by Lucid to expand its customer base and increase sales. However, the company has yet to release its production and delivery figures for the third quarter, and these results will likely play a significant role in assessing the success of the Air Pure and Lucid’s overall performance.
