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Aug 01, 2023

Lucid Group cuts Air sedan prices in limited time offer amid weak demand

hapabapa Lucid Group (NASDAQ:LCID) has announced significant price cuts across its Lucid Air sedan models, owing to lackluster demand, in the latest development in the electric vehicle price war. The

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Lucid Group (NASDAQ:LCID) has announced significant price cuts across its Lucid Air sedan models, owing to lackluster demand, in the latest development in the electric vehicle price war.

The EV maker slashed the prices of Air Pure by $5K to $82.4K, Air Grand Touring by $28.4K to $125.6K, and Air Touring by $12.4K to $95K. These new prices are part of a summer promotional event, only valid through August 31.

To further entice buyers, California-based Lucid (LCID) is also offering exclusive lease and financing options through August 31, according to the company website.

For Lucid Air Pure, only the all-wheel drive model is subject to the revised pricing. The rear-wheel drive model is currently marked as "available in September."

Lucid (LCID), which is mostly owned by Saudi Arabia's Public Investment Fund, had to raise prices last year due to escalating raw material costs and supply chain delays. Since then, there were no other pricing changes, besides a $7.5K tax credit that Lucid (LCID) offered buyers for Lucid Air.

The EV space has been seeing fierce competition and a resulting price war, triggered by Tesla (TSLA) slashing prices.

Last month, Lucid (LCID) stock fell sharply after the company missed Q2 delivery expectations. It will report results on Monday after market close. Here's a look at what to expect.

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