The Lucid Air Pure Rear-Wheel-Drive is now priced at $69,900, reduced from its previous price of $77,400. On the other hand, the Lucid Air Touring now costs $77,900 and features an All-Wheel-Drive powertrain generating 620 horsepower, down from its earlier price of $85,900.
The Grand Touring is now available at $109,900, with just a $1,000 discount. This trim boasts 819 horsepower, an All-Wheel-Drive powertrain, and an impressive 516 miles of range.
Lucid has stated that it aimed to improve the ownership experience and address common barriers against purchasing or leasing an EV, such as price and ease of ownership. CEO Peter Rawlinson expressed optimism about the future of EVs and emphasized the role of increased adoption in mitigating the impact of climate change.
These price cuts bring Lucid’s 2023 totals to 8,428 vehicles produced and 6,001 delivered, representing a 10 percent decrease in Q4 performance compared to the previous year. Despite the effort to stimulate demand through price reductions, it is uncertain if this strategy will be effective, given that Lucid is currently incurring significant losses per unit.
In Q3 2023, the company was losing $430,000 for every vehicle produced, and with lower prices and a limited volume, it is expected that this figure will rise.