The Lucid Air Pure is the least-expensive version of Lucid’s electric Air luxury sedan.
Meghan Reeder | CNBC
Shares of Lucid Group were lower in early trading Thursday after the corporate launched a less expensive version of its Air electric luxury sedan in a bid to stoke demand.
The stock was down about 9% as of noon ET on Thursday.
Lucid said it can now offer a single-motor, rear-wheel-drive version of its Air Pure sedan starting at $77,400 with 410 miles of range. That is $5,000 lower than its previous lowest-cost model, the dual-motor all-wheel-drive version of the Air Pure, which continues to be available.
The brand new single-motor Air Pure is offered for order immediately, Lucid said.
Lucid’s shares had fallen almost 19% because the starting of 2023 through Wednesday’s close as concerns linger about ongoing demand for the Air. While the Air has received strong reviews and may claim the longest range of any electric vehicle currently available within the U.S., it’s expensive, a growing concern as consumer borrowing costs have risen and as rivals including EV giant Tesla have cut prices sharply over the past several months.
The brand new rear-wheel-drive version of the Air Pure is the primary Lucid offering to start out below $80,000. On the high end, the 1,234 horsepower Sapphire version of the Air costs $249,000.
Lucid hasn’t yet released its third-quarter production and deliveries totals. It’s expected to report its third-quarter financial ends in early November.
