Electric Vehicle maker Lucid slashed the price for its Air luxury sedan by up to $12,400 as part of a special offer to boost its competitiveness as the U.S. EV industry heats up in a price war initiated by Tesla.
Lucid cut the price of the Air Pure model by $5,000 from $87,400 to $82,400, while slashing the prices of the more high-end Touring and Grand Touring versions by $12,400. The Touring now costs $95,000, while the Grand Touring retails for $125,600.
Tesla sparked the ongoing price war by slashing the price of its Model S and Model S Plaid (the performance version) from $104,990 and $135,990 to $88,490 and $108,490 respectively at the start of the year.
Since the Covid pandemic, Lucid has struggled with rising raw material costs along with supply chain bottlenecks that have affected the automotive industry at large. The company is expected to report sustained losses when it releases its second-quarter earnings on Monday.