Lucid Motors is cutting thousands of dollars off the price of its most affordable electric sedans as it tries to boost demand after a disappointing sales year.
The rear-wheel drive version of the base Lucid Air Pure model will now start at $69,900, down from the previous price of $77,400. The more powerful Lucid Air Touring model – which offers all-wheel drive performance and about 50% more horsepower – will now start at $77,900, up from $85,900. (A four-wheel-drive version of the Pure stops.)
Even the Lucid Air Grand Touring, which offers more than 500 miles of range, gets a slight price haircut to $109,900, down from $110,900. Lucid announced that it is offering an additional $1,000 toward the purchase of a home charging solution and includes free scheduled maintenance for two years or up to 24,000 miles with each new purchase.
The price cuts come just weeks after Lucid announced it delivered just 6,001 cars in all of 2023. The company is scheduled to reveal its financial results for the year next week on February 21.
Lucid already cut prices on most of its Air variants last year as it — and others — tried to keep up with Tesla’s aggressive cuts. Company cars are also ineligible for the $7,500 federal point-of-sale EV tax credit, though they qualify for the same amount’s lease credit. Lucid CEO Peter Rawlinson has been blunt about the company’s struggles with marketing. “Very few people know not only the car, but even the company,” he said last year.
The Air Pure is still relatively new, as Lucid only released it late last year, so making it more affordable could help boost sales. Lucid is working on an electric SUV that could attract more buyers, though it won’t ship until the end of this year at least. The company recently began shipping the first few hundred Air sedans to financial backer Saudi Arabia, which has pledged to buy up to 100,000 of Lucid’s electric vehicles over the next 10 years. But that effort will be limited in the short term, as Lucid has yet to build a full production facility in the Kingdom.
